Sakya has released LightMP3 Version 2.0.0 RC4.  Here is what he had to say:

Hi! :)

I'm here to release LightMP3 Version 2.0.0 RC4. ;)

A note on Japanese support: LightMP3 seems to crash when using Japanese language, I'll look at it and try to fix this.
By the way the Japanese translation has been updated by yaKo

Here's the full changelog:

Code:

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-Added: Scrolling text when string is too long in all menues and song title -Added: Setting to choose the tab to start from (START_TAB) Values: 0 = File browser 1 = Playlist 2 = Playlist editor 3 = Media Library 4 = Settings -Added: Total number of frames red from Xing frame (faster opening of VBR mp3 file, if Xing is found) -Fixed: Crash when seeking FLAC files -Fixed: Navigation in the Media Library (when pressing circle you'll be taken to the previous selection, not on the main menu) -Fixed: Added setting to set CPU clock for WMA -Fixed: Track restart when pressing L on WMA, FLAC, ATRAC3(+), MP3 when played with libMad -Fixed: Suspend and resume for WMA -Fixed: Changed the default setting to play MP3 with Media Engine -Fixed: X/O button swap (please note that help screen will always say X=Confirm, O=Cancel, I din't changed it) -Fixed: Bug when creating playlist from Media Library (the first 500 tracks were repeated)

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DOWNLOAD: Sakya's Homepage
ALTERNATIVE DOWNLOAD: MEGAUPLOAD - The leading online storage and file delivery service
SKINS: Sakya's Homepage
FORUMS: www.sakya.it • View forum - Skins
SOURCE CODE: lightmp3 - Project Hosting on Google Code

Many thanks to: yaKo

Ciaooo
Sakya

I'll try it out sometime, because I heard it can play vorbis (which is a whole lot better than any other audio format the PSP can play).

LightMP3 has been a nice player, though has been bought down a bit, in my eyes, due to a few issues.

Just tried it - here's my criticism.
- got a blue screen on first run, lol
- scanning the MS for media (under Library) shows all my .m4a files, but it doesn't support AAC...  EDIT: there is a mention of "AAC" in the settings, but I wonder why it's skipping all mine...
- uses DOS 8.3 naming in some places - perhaps this is done deliberately though...
- buffer used for reading is too small (memstick light flashes a lot)
- sleeping - during playback, works, but stuffs up after resuming; outside of playback, PSP crashes
- can't background play music (ie browse music whilst it's playing)
- library is a bit slowish, but there probably isn't that much of a workaround for this.  Seems like many people like Apple's library idea, but it only really works on iPods cause of all the restrictions Apple imposes (ie no removable storage, must sync music instead of copy it on, etc); could have perhaps done some of the loading in a background thread to make it seem a little more responsive though
- I stuffed up my headphone remote, but I recall that LightMP3 works fairly well with it in older builds.  It's just that the Hold+ plugin does give the useful ability to still control music playback by holding the SELECT button - would be nice if LightMP3 had this too

Well, don't take me wrong there, it really is a nice player with a good set of features and certainly promising.
Thanks for the post and developers for the app :)