Super (C). Converts anything to anything (or pretty close!). It's free. It has pre-made settings for most mobile devices (PSP of course). It is also very customizable if you want.
SUPER © .
Their website is a b!tch to download from - I always end up having to turn off all popup blockers and use IE -- that's my only complaint.
EDIT: It's FREE! (can't believe I forgot to mention that...)