EDIT: My previous guide was flawed and I apologize for anyone's wasted time. As far as I know the mspformat tool is /required/ to correctly partition the memory stick, and is not compatible with Windows Vista. If anyone knows of an alternate method that fully emulates the function of mspformat and works in Vista, let me know.
I know there's a billion guides already but I felt all of them were overcomplicated, redundant, and inflexible. So here's a super easy way to make a magic memory stick on XP with despertar v3 & 3.71m33-4 update.
Download: msm.rar (24mb).
Extract it and launch a command prompt (start -> run -> 'cmd'), then navigate to the extracted directory. Run these 3 commands (replace X with your memory card's drive letter):
- mspformat X (If you are using your PSP's USB connection to write to the memory stick, you must disconnect and reconnect after this step)
- xcopy /KE ms\* X:\
- msinst X MSIPL.BIN