[justinclift]

Yeah, that's clearly not even fit for purpose by design.

At least from the perspective of end users. :)

Thinking about it a bit more, it also seems to be at odds with how security in the world works.

Is there any case of having equipment be in the hands of end users for unlimited time (and without supervision), where the security doesn't get cracked?

Once a single exploitable bug in the implementation is discovered, the whole thing becomes useless. Perhaps worse than useless, once malware starts to embed itself in the PSP.