I have to really concentrate when saying "Ars Technica" aloud so that I don't say anything rude. Oh dear. Anyway, I digress in a childish fasion. Check out Ars Technica's PSP review:
I am in love with the PSP though. It's console-level gaming in the palm of your hand. With headphones you can have a great game almost anywhere, with no meaningful diminishment in quality or graphics from the fact that you are using a handheld. If you're fairly tech literate, finding torrents of your favorite shows, or ripping your own DVDs to play on the PSP is a no brainer, and the MP3 functions are just icing on the cake.
It's not all sweet smelling roses for the PSP, though. Read the full review.