Not for US PSPs, a friend of mine with PSP just tryied to put the software, but its supposed taht after the relase of the PSP in Japan it had the firmware version 1.0, later it was relased the firmware v1.5 wich contains some fixes and with this one the emulator won't work anymore, the firmware of the American PSPs already contains v1.5 so, this is just for Japanese PSPs that HAVE NOT upgraded.
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RE: wow (PSP hacking)
For now. The article hints that people are close to breaking v1.5 too.
As for the people in the article claiming Sony are going against their stance of allowing home-brew development, maybe they want to think again. Firmware upgrades enhance security, they don't prevent home-brew development. I'm sure that if Sony wanted people to writ eprograms for the PSP, they'd have released a cheapish dev-kit to the public.