I updated via WiFi, but you guys can do it directly by downloading the following files.
IMPORTANT: You MUST be running 4.01-m33 CFW in order to update to 5.0-m33. Make sure you follow the instructions properly and have at least a 80% battery charge with the AC power connected to PSP all the time while updating. I am not responsible if you brick your PSP.
DOWNLOAD
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IMPORTANT: by the way, I do not know whether CFW update discussions and links are allowed here. If this is against the forum rules, please let me know and I will remove all of it OR the mods can do it]
^^
yup, tats wat i also wanna knw as rockthegod has done it, in general i knw tat there is jus a copy and paste of newer cfw files over the older one... but how to do it, im not sure...
This is not just a COPY-PASTE thingy, you have to update completely by executing the proper Eboot in your PSP. Don't worry, all your apps and settings will be intact. Just follow the instructions in the README of the file. The QWERTY keyboard is an added option when you are typing (you can switch between the various types of keyboards and keypads provided, QWERTY is just one of it), it is just awesome to use, way better than the earlier mobile phone type keyboard.