Auraomega has triumphed. We're making a note here: huge success! Project4 is now out of beta and releasing on time! It's now available to the public, calling itself Project4 v1.6180.

If you're late to the Project4 party, allow Auraomega himself to explain what the shell is all about:

Project4 is currently the only true XMB replacement for the Sony PSP. It completely replaces Sony's XMB, and works directly and independently from the NAND flash. Contrary to the common shell for the PSP, Project4 physically removes the S-XMB from loading, and replaces it with code specifically designed to work all from flash without ever needing a memory card.

The shell has a couple of extras, such as a calendar, calculator, and stopwatch, which might be buggy at this time but will be improved upon in future versions of the shell. For now, think of them as placeholder applications.

Furthermore, Project4 has been made more user-friendly. The configuration file is easier to read, shortcut buttons are now enabled, and there's now some plugin support for files. More information on each of these additions can be found in the linked forum page which details the changes we've outlined here, as well as in the extensive readme file included in the file.

Lastly, Auraomega is once again taking in donations to help subsidize the cost of buying a new computer, as his current computer is on the road to conking out completely. If you like what he's made, feel free to visit the sourced link below and donate to his computer fund.

Once again, thanks to Auraomega for the email, and stay safe on your hiking trip!

Download: Project4 v1.6180

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UPDATE:

You may want to hold on downloading Project4, folks. In addition to the comments that were left on the site, we just received a tip from Lgndryhr saying that the shell causes bricks for some users as it isn't able to load p4ml.prx. Furthermore, it outputs the following when trying to install:

Error code: 0x80010002
In function: loadplugins
In file: main.c
Action: pspSdkLoadstartModule

Description:
error Loading p4ml.prx

The current theory behind this is that you need a theme prior to installing Project4, so you'll want to go into the Project4 forums and pick up a compatible theme before installing it. That being said, we advise those without a means of unbricking their units to refrain from downloading or installing this shell until we get more information.

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UPDATE 2:

DrBaronVonEvilSatan has offered a workaround for the bricking issues concerning the missing p4ml.prx. The theme below includes a copy of p4ml.prx, so just download it and put p4ml.prx in flash1:/P4 along with the theme before installing Project4.

Download: Simplicity theme with p4ml.prx