Can anyone tell me anything about the Undiluted Modchip? I was looking at it and it looks like a pain to install, but then again it looks pretty sweet. I wanted to know if anyone could tell me their experiences or what they know about it. Thanks

I don't have one myself, but you're a lot better off just downgrading and getting a custom firmware. The only thing that the chip can do that a 1.5 can't is recover a bricked PSP. But if you have a custom firmware on a 1.5 before it bricks, then you can use that to potentially unbrick it.
And neither one will work on a TA-082 PSP.