An oustanding work by Humberto Naves to bring us a very useful tool: a decompiler. This takes a PSP ELF and outputs pseudo-C code directly. The resulting code is not compilable of course, but you can understand better what's going behind the scenes without having to parse large and tiring assembly dumps.
Here's the GIT repository where you can download the source code:
http://repo.or.cz/w/pspdecompiler.gitChapeau, Humberto!
