PSP Homebrew coder XsavioR has announced by way of the eXophase forums the release of Ms Master 2.02d Compact. This fully functional application is a Windows-based PSP homebrew program that allows users to back up and restore their PlayStation Portable's memory stick data. Going into further details on the application's features:

Back up ms
Restore ms
Bind ms to one of 3 backups
Template dumping for redundant backups
Backup Gamesaves
Restore Gamesaves
Utils folder for easy backup / restore
My Computer right click options
Dump Ms to Template dir
Restore MS from Template dir

We imagine this application will be seeing a lot of use in the near future, as re-formatting your PSP's memory stick prior to uploading a new custom firmware is strongly advised. Perfect timing, given that PSP firmware 3.30 has been sighted. As for installation instructions:

1. Run Msmaster2.0.exe
2. Run Desktop.exe (connect PSP to the USB when you begin)
3. On your desktop, click on "Bind MS"
4. Follow instructions
5. Disconnect, and reconnect ms when finished
6. To activate, either run "Ms Master" from desktop, or right click the PSP's drive from My Computer.

Enjoy the download, and make sure to thank XsavioR for coming up with this app.