Is this new "Undiluted Platinum" the first PSP modchip?

We sure wish we had more details on this thing, but MaxConsole is claiming the "Undiluted Platinum" to be the world's first PSP modchip. Supposedly the chip is a flash replacement to allow for older or custom firmware versions in new PSPs, giving homebrew enthusiasts the freedom to finally do what they want with PSP software, without fear of an "update" from Sony foiling their plans. MaxConsole doesn't mention exactly how you'll be installing this little number, or how you'll find room to fit this "entirely inside your PSP," but forum users are thinking it'll take some high-end soldering skills. If this all plays out we should be getting more info next week, but we're going to stick with 1.5 for now thankyouverymuch.