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I didn't know you could run unsigned code on the PSP. Or did you mention that before?

The original Japanese PSPs had v1.0 firmware which had a backdoor. You could run unencrypted ELF files off the memory stick. This hole was quickly fixed in newer revisions of the firmware. It's only the initial batch from the Japanese release that have v1.0

It's a bit dangerous running homebrew stuff since they could write to the flash and make an expensive paperweight for you.

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And regardless of whether it's in the hardware or as software, it's still pretty much a one-time cost. Of course, they could also do something like add a bit onto it that reads some sort of crypto signature to help prevent unauthorized games from being run on it.

Yeah. They just need to make a NES and old style Gameboy emulator. Nintendo already have a NES emulator at least. The eReader would let you swipe cards which contained a small NES game which was then emulated on the GBA.