Found the answer to my question, here is the CFW recovery menu overview..
To boot into recovery menu you will need to hold the R button down while turning on the PSP. (Make sure the PSP is turned off and not in sleep mode do this by holding the power button in the up position till the PSP turns off.)
Here is the run down of the options.
Toggle USB : This allows access to your memory stick from recovery mode. (Press X to enable and disable USB mode)
Configuration: Look below for explanation of Sub Options.
Skip Sony Logo: Skips the Start-up video and sound.
Hides Corrupt Icons: Hides corrupt data files that show under Game Menu.
Game Folder Homebrew: Lets you change the kernel for the /PSP/GAME folder between 1.50 and 3.52 kernels.
Autorun program at /PSP/GAME/BOOT/EBOOT.PBP: This allows you to boot up a homebrew application on start up rather then the XMB itself.
UMD MODE: This allows the emulation of UMD's using different drivers. (Enabling a driver allows you to play ISO/CSO games with no UMD in the Bay)
Fake Region: Lets you set a fake region on your PSP.
Free UMD Region: Enabling this will allow you to play all region UMD in the UMD Bay.
Hard Reset on Homebrew: When exiting Homebrew the PSP will turn off instead of booting to the XMB..
Use VhsMenu: Enabling this will enable the VhsMenu which you can access in normal XMB mode by pressing the HOME button for 3.52 M33 (Select Button on 3.71 M33). This allows you to change some of the settings without entering recovery mode. (CPU Clock speed Xmb/Game, USB Device, UMD MODE and ISO Video mount)
XMB USB Device: This lets you change what the USB access when in XMB. (memory stick/flash 0,1,2,3/UMD Disc)
Run Program at /PSP/GAME/RECOVERY/EBOOT.PBP: This allows you to boot into a RECOVERY folder and recover to a previous firmware (e.g 1.50 which requires you to find the Recovery folder and files yourself to do this)
Advanced: Look below for explanation of Sub Options.
Advanced Configuration: This has two sub-options which I have no clue what they are actually used for. I did some searching and seems they are used by developers and the average users wouldn't use them so it is recommended to keep them disabled.
Toggle USB (Flash0): Allows access to flash0 (warning: If you don't know what your doing in flash0 then don't mess with it. You should always make a backup of flash0 incase you have problems installing CXMB themes)
Toggle USB (Flash1): Allows access to flash1
Toggle USB (Flash2): Allows access to flash2
Toggle USB (Flash3): Allows access to flash3
Format Flash1 and reset settings: This allows you to formats flash1 and reset settings. (You will loose your previous settings and will need to re-add them)
CPU Speed: Look below for explanation of Sub Options.
Speed in XMB: Change Processor speed for XMB
Speed in UMD/ISO: Change Processor speed for UMD/ISO games.
Plugins: Lets you disable/enable plugins.
Registry Hacks: Look below for explanation of Sub Options.
Button Assign: Here you can assign the ENTER button as O or X.
Activate WMA: This allows you to play WMA files under MUSIC when in the XMB.
Activate Flash Player: This allows you to watch flash in the PSP Browser.
EXIT: Exit out of recovery to XMB
To boot into recovery menu you will need to hold the R button down while turning on the PSP. (Make sure the PSP is turned off and not in sleep mode do this by holding the power button in the up position till the PSP turns off.)
Here is the run down of the options.
Toggle USB : This allows access to your memory stick from recovery mode. (Press X to enable and disable USB mode)
Configuration: Look below for explanation of Sub Options.
Skip Sony Logo: Skips the Start-up video and sound.
Hides Corrupt Icons: Hides corrupt data files that show under Game Menu.
Game Folder Homebrew: Lets you change the kernel for the /PSP/GAME folder between 1.50 and 3.52 kernels.
Autorun program at /PSP/GAME/BOOT/EBOOT.PBP: This allows you to boot up a homebrew application on start up rather then the XMB itself.
UMD MODE: This allows the emulation of UMD's using different drivers. (Enabling a driver allows you to play ISO/CSO games with no UMD in the Bay)
Fake Region: Lets you set a fake region on your PSP.
Free UMD Region: Enabling this will allow you to play all region UMD in the UMD Bay.
Hard Reset on Homebrew: When exiting Homebrew the PSP will turn off instead of booting to the XMB..
Use VhsMenu: Enabling this will enable the VhsMenu which you can access in normal XMB mode by pressing the HOME button for 3.52 M33 (Select Button on 3.71 M33). This allows you to change some of the settings without entering recovery mode. (CPU Clock speed Xmb/Game, USB Device, UMD MODE and ISO Video mount)
XMB USB Device: This lets you change what the USB access when in XMB. (memory stick/flash 0,1,2,3/UMD Disc)
Run Program at /PSP/GAME/RECOVERY/EBOOT.PBP: This allows you to boot into a RECOVERY folder and recover to a previous firmware (e.g 1.50 which requires you to find the Recovery folder and files yourself to do this)
Advanced: Look below for explanation of Sub Options.
Advanced Configuration: This has two sub-options which I have no clue what they are actually used for. I did some searching and seems they are used by developers and the average users wouldn't use them so it is recommended to keep them disabled.
Toggle USB (Flash0): Allows access to flash0 (warning: If you don't know what your doing in flash0 then don't mess with it. You should always make a backup of flash0 incase you have problems installing CXMB themes)
Toggle USB (Flash1): Allows access to flash1
Toggle USB (Flash2): Allows access to flash2
Toggle USB (Flash3): Allows access to flash3
Format Flash1 and reset settings: This allows you to formats flash1 and reset settings. (You will loose your previous settings and will need to re-add them)
CPU Speed: Look below for explanation of Sub Options.
Speed in XMB: Change Processor speed for XMB
Speed in UMD/ISO: Change Processor speed for UMD/ISO games.
Plugins: Lets you disable/enable plugins.
Registry Hacks: Look below for explanation of Sub Options.
Button Assign: Here you can assign the ENTER button as O or X.
Activate WMA: This allows you to play WMA files under MUSIC when in the XMB.
Activate Flash Player: This allows you to watch flash in the PSP Browser.
EXIT: Exit out of recovery to XMB
