Yes, newer games require newer firmwares, so a game that requires 3.00+ will not run on 1.50. However, if you use a custom firmware, you are able to run homebrew and the latest games on the latest firmware (latest custom firmware is 3.72HX-1, but I advise you use 3.71M33).
Your options to go to a custom firmware are:
1) Downgrade to 1.50 (using this guide), then upgrade to a custom firmware.
2) Use Pandora to take you straight to 3.71M33.