@rbz: I wish I was a good hacker.. but actually I was just curious and well motivated for this investigation.
Now for all of you who want to get into this, I will not spread any code that does not belong to me here, especially when the source belongs to a company with an army of lawyers... but if you still want to open the gates of hell, just google for this:
pspdevsrc1.zip
You will get the SDK

The SDK is written in C but it heavily relies on the PSP internals. So it won't compile in a snap of fingers on your PC. Now if C and OpenGL are familiar to you, it should be fairly easy to understand what's in there and rebuild something similar for PC.
Once I got the SDK, it became an "easy" task to extract the textures and 3D objects. It will still take you hours (if not a few days) not only to adapt the core of the SDK but also to understand how to use it.
During the 2007-2008 winter holidays I spend 10 days trying to rebuilt this and finally made it. I managed to get the objects displayed through OpenGL with textures and lighting and also understood the difficult part: how animation works.
Once I had all this, I started on the most exciting part: rewriting the game.... and ohh man! that's the biggest challenge.
The first step was to rewrite the SDK portions with my own code just for the sake of being able to develop properly. Why? well because on the PSP lots of things are stored in a PSP friendly format (vector arrays, coordinate textures, etc). The PSP being limited in resources, some things are packed/compressed, rearranged to use the PSP hardware. These things do not exist on PC.
After this huge amount of work, I realised that I could not rewrite the game without writing some more tools to build the game levels. As a matter of fact, the game levels are made of various 3D objects, not just simple bitmap tiles. So it was obvious that an editor was needed. I'm still working on this as I write. But how exciting.
Here is a preview that Shockwave was talking about:
http://rapidshare.com/files/316528325/media.zip.htmlAs Rapidshare is limited in terms of download and since the archive will be removed after 90 days, it would be great if one of you could mirror this in a place that is more reliable.
Comments awaited!