Nugi released PSPlayer, a video player for PlayStation Portable.

Features:

– Based on FFMPEG nearly latest source(svn rev. 14728).
– avi/mov(mp4) containers supported. No container specific limitation.
– Video codec : Mpeg4 video(xvid etc), Mpeg4/AVC(h264) supported. (HW accel only)
– Audio codec : AC3, MP3, AAC supported. (MP3/AAC are HW accelerated.)
– Subtitles are supported. (smi, etc. through mplayer subreader.c and custom rendering of subtitles.)
– Supports B-frames in H264.
– audio 8-48kHz sampling rate supported. (linear resamling to 44kHz used in PSPlayerMT)
– Real-time volume boosting(1-20x). Apart from system volume. (Can be used for Replay Gain. Of course by hand not automatically.)
– Super high quality custom YUV rendering using PSP video acclerator. Precise color conversion. Deblocking in chroma channels. (from PSPlayerMT)
– Fast avi loading by optimizing index loading.
– Max video resolution. 480×272. (PSP HW codec library does not support higher resolution. maybe)
– No restriction in framerate.
– Buffering mechanism used in PSPlayerMT. (but extreamly reduced buffer size.)
– FF/Rew supported.
– Using internal bookmark mechanism, resuming supported.
– Async reading of video files. Less memstick access.
– usbhostfs, nethostfs supported. (first should be enabled using irshell. etc.)

http://forums.ps2dev.org/viewtopic.php?t=11029