From Mr305:

This plugin lets you apply a choice of about 22 Never-before-seen effects in real time, in both GAME mode as well as in the XMB, for a totally new PSP experience.

Changelog:

-> NEW EFFECT: Grayscale
-> NEW EFFECT: Oil Paint, makes everything look very artistic.
-> MAJOR: Center Mirror Optimized to Full Speed (60 FPS XMB benchmark)
-> MAJOR: Contrast Boost algorithm Optimized Close to Full Speed.
-> Dramatic reduction in number of CPU instructions every loop
-> Flip Mode buttons applied in GAME mode also.
-> Misplaced Flipped Keymapping for the wrong effect; effect couldn't be changed at times. Fixed.
-> Can directly switch to Flipped XMB when TRIANGLE+VOLDOWN is pressed
on start.
benchmark)
-> Removed FPS display
-> Made Effect names more comprehensible.
-> Changed Brightness Boost Keycombo - TRIANGLE + SQUARE + Analog Up/Down