All "custom" software aside... you could always get a video transcoder box. The one I use is a bit older now, but it's the X2VGA2. It has two component cable inputs, and outputs through a VGA cable to computer monitors, and supports the full video range from 480i-1080p (though only progressive modes will display properly on most monitors).

So, if you're using OFW on your PSP, a video box is your best bet. The X2VGA works great if you can find one. The company XCM also makes video boxes, like one called the HDMI Blaster. Do some searching on google, and you should be able to find something.