I'm not actually particularly interested in the PSP, but this article is interesting and has quickly convinced me that the PSP will in fact, suck.
As a handheld platform, I think it's pretty hard to beat the GBA. I'm already thinking of buying one, as it would give me access to all those great Nintendo franchises  in their pure 2D forms, without me having to buy a different console.
Because honestly, consoles suck, I wouldn't want to maintain one. Not that I don't like my PS2, the games are great and all. But think about how PC gaming will always be superior to console gaming because of compatibiliy. I mean, if I had a game from 10 years ago, I would probably still be able to play it on the PC , and that includes games from old consoles. This is why I like the idea of the GBA, even though I've never actually owned a gameboy. I see all these nice GBA titles around and I figure even if Nintendo releases a new GB-style handheld, it'll be backward compatible and I can play those suckers! And GBA titles don't seem to be affected by the price multiplication that happens to PS2 titles. 
Let me repeat: consoles suck. Not console games mind you, console games are great and I love playing them, I just wish I didn't have to play them on consoles. Thank god for emulation.
Disclaimer: Okay, I've overreacting, consoles don't really suck, but I really hate my PS2 right now.
-  Zelda, Metroid, Castlevania... well ok, that last one was a Konami
-  heaven knows my brother is still trying to finish Wizardry VII
-  gee, is it because of piracy? Probably not, piracy ups prices from the game publishers themselves. What's happening here is that local PS2 titles are priced far beyond the actual release prices of the games. Maybe it's stupidity.