That's bunk from what we know, a dev posted not all that long ago (may have been in the handheld forum) that PSP clocks are programmable and fully up to the devs and can be changed on the fly on a per-frame (or even part of frame) basis. He stated that devs are in fact encouraged to take advantage of this, so there's nothing to stop a game from blasting ahead at 333MHz.
I even read somewhere you can overclock the PSP by using the same registers, though that setting the clock in excess of 350MHz was likely to brick it permanently.
Not sure of the truth to this statement though, but it is interesting...