PSPAdvance version 1.01 has been released by the PSP Advance Team. Thanks to psp-news for the news.

PSPAdvance is a Media Player, Content Download System and Interactive Community application for PSP. Its revolutionary application that enables users to maximize the device’s potential without having to convert files or remain hostage to Sony’s expensive software and restrictive firmware updates. It also operates on your PSP and interacts with the desktop application. You can download, share, manage, and play all forms of media (yes even divx and xvid movies). It is essentially WinAmp, iTunes, Kazaa, webcam chat, IRC, and a visualisations engine all in one.

http://www.pspmx.com/site/downloadpage.html