Looks like Team GEN has been working hard. 
They have released their 3.95 custom firmware project, which is fully compatible with both slim AND fat models. Here’s the changelog:
General
-Kernel updated to 3.95 (new nids, patches etc.)
Recovery
-Option added in recovery to choose between VSHMenu and in-XMB recovery.
-Option added in recovery to choose between Sony, GEN and M33 network update modes
XMB
-Access vshmenu/recovery with the SELECT button.
-Network Update icon can download directly from the GEN server (adjustable)
Source: PSPGen.com
(Custom Firmware 3.95 Gen - 509.1 KiB - 8,337 Hits)
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June 1, 2008 at 7:46 pm
Thanks Snake for the post
June 1, 2008 at 7:57 pm
[...] Read the full post here: pspslimhacks.com/custom-firmware-395-gen-released/ [...]
June 1, 2008 at 11:25 pm
Great! The 1st CFW I found (New to PSP HB) is up to date,AND upgradeable via Network Update!
June 2, 2008 at 1:10 am
Man pspslimhacks has been a little slow on their news. You guys gotta catch up
June 2, 2008 at 7:27 am
xilus7 is right…but sometimes slimhack gets the news faster too….
June 2, 2008 at 9:07 am
hey this firmware doesnt work for me……….my PSP is 3.95 and the error appears to be…80020148 ….pls tell me what to do…….reply at ruler_heaven@hotmail.com…please!!!!!
June 2, 2008 at 11:16 am
Good Job Man Thanks
June 2, 2008 at 7:59 pm
This isnt working for my im running 3.80m33 When i run the loader it says error cant open ms0/395.PBP Anyone have any ideas? Im pretty sure i put it in the correct folder which is psp/game/update
June 2, 2008 at 9:38 pm
wont work on mine my psp is 3.95 need help
gamekiller157@gmail.com Help!
June 2, 2008 at 11:00 pm
Here is my two cents…
I’ve spent the last couple of days testing, and working to see how this firmware turned out, and honestly this is what I personally came up with…
1. They did a great job with this… I truly congradulate them on a job well done!!!
2. They should have released a program with this “GEN-ware” to convert XMB themes to the new Flash0 files.
3. There are some bugs with both pops loader and emulators (which is bad for you classic gamers…)
4. Finally the accessibility for this firmware is GREAT!!!!!! I love the Recovery instead of VSH menu idea, really developed!
Overall I give them about a 4/5 on this release! Excellent release!!
P.S. – In my thoughts, if DAX (Team M33) and GEN (PSP Generation) teamed up, they would be one hell of a team!
June 3, 2008 at 12:03 am
i have the same problem as Khan. whats up with it? I need some help……
reply here plz ————>>> shortfryg@yahoo.com
June 3, 2008 at 12:05 am
or reply here if u want.. I’m sure it’d help other ppl w/ the same prob
June 3, 2008 at 3:29 am
you cant go from 3.95 to 3.95 gen or any other custom firmware you will need to downgrade just look up downgrade guides online
June 3, 2008 at 4:17 pm
I Have The Same Problem As Khan And ^^^D-G^^^..
I Get The Same Error Code.. I Need Help With It.. I Don’t Have 3.95 Already, So I Know Thats Not The Problem… Someone Help!!
June 3, 2008 at 7:59 pm
As I remember correctly you have to be at 3.72 M33 to upgrade to the gen firmware. It’s way too inconvinient
June 5, 2008 at 4:04 am
This cfw is pretty cool, only one horrible problem…that it cant use the cxmb.
June 6, 2008 at 1:00 am
Same comment as dxypher, I cannot use cxmb, but appart of that it works well
June 6, 2008 at 9:33 am
i just bought a new psp slim and its a 3.90 version, can anyone teach me how can i install .iso and .cso games? coz the games are too expensive pls help me… thanks
June 6, 2008 at 9:33 am
i just bought a new psp slim and its a 3.90 version, can anyone teach me how can i install .iso and .cso games? coz the games are too expensive pls help me… thanks
its a daxter pack of psp ice silver
June 6, 2008 at 5:07 pm
you have to use pandora’s battery (the one that goes straight up to 3.17m33)
June 7, 2008 at 12:34 am
i have install 3.95gen and its great.the only problem is that it can not run the emulators.can someone say something about super nintendo emulator?
June 7, 2008 at 5:15 pm
i have a psp slim 3.95 and i need to the custom firmware but i need steps to have the firmware on my psp slim
July 30, 2008 at 5:40 pm
I hav da slim w/ version 4.05 n how do u downgrade to 395gen2. plz respond!
September 14, 2008 at 2:04 am
u need a pandora battrey
September 29, 2008 at 4:08 am
I HAVE A PSP SLIM AND I WANT TO PUT EMULATERS ON IT IS THERE ANY WAY POSIBLE TO DO THIS WITH OUT DOWNGRADEING OR ADD IND CUSTOM FIRMWARE
PLEASE REPLY AT JUSTINBARRETT51@YAHOO.COM
October 19, 2008 at 11:45 am
My psp slim was upgraded to the 3.90 m33.3 firmware. Can you upgrade to another higher firmware without the pandora battery? Or will that mess up the psp slim, or do you need the pandora battery to upgraded to another cutom firmware? Please advise. Please reply to mengledoe@yahoo.com.
December 10, 2008 at 5:15 pm
I have new Buzz Master quiz Pack of PSP Slim 3.95 version but i want to know if it is possible to modify with out using pandora battery?
I need your ASSISTANCE bcoz i cannot play my Gundam Rengou v.s. Z.A.F.T , Ultraman and Macross Ace Frontier in my MS Duo.
Cheers!