Not a big update, just new interface.
PSPXT is an application that will let you see how your PSP's XMB will look like on your PC before actually compiling your RCOs and flashing them on to your PSP.

PSPXT does not read RCO and PRX's it read BMPS

Quote:Changelog:
    * Created a entirely new layout
    * Created pop-up functions when selecting a menu option
    * Made interface easier to control (No more double checking, most options are mouse clickable)
    * Controls are now mapped out on each XMB preview
    * Added volume bar support for Full XMB Navigation One
    * Brighter Text

Read the readme.txt
Use with caution, might brick.

Download: PSPXT v1.50
Source: QJ.net