I probably wouldn't hack it.
What does hacking the PSP do though?
well the big thing is that u wont have to buy any games u can play them for free right off ur memory stick. u can also run a lot of neat homebrews for example watch youtube videos on ur psp theres even programs were u can turn ur psp into a universal remote control. u can also run emulators on ur psp for ex. on my psp i have super nintendo so i can play a bunch of classics theres also emulators for playstation one games neo geo and some others. theres a bunch of other stuff just look around in that site in the psp applications section and youll see all the things available for the psp.