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Rating: 
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First off, buy it! This is by far the best portable gaming system available. Graphics, wireless, and gameplay are all awesome. But you probably know this already.
What does everyone overlook? The ergonomics of this thing are very poor. I had to go out and buy a Nyko PSP Charger Grip to be able to use it for first person shooters. Before I bought the grips, the best I could say is that some games weren't extremely awkward. But most of the time, my hands cramped and I was unable to easily use the full range of buttons.
With all its superior technology, it's unfortunate that this thing was so poorly designed.
I still love it enough to spend thirty bucks on grips, though.
Rating: 
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As a frequent traveler the PSP is a great thing to have. You can use it to hold your music or videos or you can just play some of the great games that this system has to offer. The last handheld I owned was a Gameboy back when I was a kid, the original Gameboy too, just a large unit with a black and white screen, and I was blown away with the visual capabilities of the PSP.
The only bad things about it are it smudges pretty easy, as it is with most products with this type of screen, so buy screen protectors and after you buy the system you have to pay another $50 to $300 (depending on the size) for a memory card.
All in all this is a great little toy for kids, adults, people bored at home, or people often on the go.
Rating: 
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Fast shipping...
Just got on third day with free shipping.....
Enjoying as expected.
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I was looking for a trip companion since I travel a lot. My options were between an IPOD video (80 gb) and Sony PSP to provide multiple media and entertainment on the go.
Pros of PSP over IPOD
1) Gaming is great.
2) Screen is big enough to watch a movie.
3) WiFi browsing is decent for airport/hotel hotspots.
4) Doesn't tie you up with any specific media manager.
Downsides of PSP over IPOD
1) Battery could last longer. I am getting a 4-5 hr. battery life. Good that many planes are coming with 110V power supply.
2) No HDD with the unit, but With a 8 GB memory stick is possible to upload all media you need for a trip and if you are always close to your notebook (my case) it's possible to update memory contents.
3) Music playback software is very, very basic.
4) Unit is bulky.
At the end, PSP was the winner mainly for screen size and gaming features. So far (2 weeks) I am very pleased with the product. Some suggested add ons : 8 Gb memory stick (dual pro), hard carring case, soft headsets (did not like sony's original ones).
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Sony PSP New Slim" System - Black Color"
Pros:
1. This is a smaller/lighter version of psp so carrying it around feels lighter.
2. The battery is good. I generally end up charging it weekly (dont use it 24/7 thou)
3. Plays video(mp4)(You can use mediacoder to convert video to psp's mp4 format) /mp3/pictures/Internet radio (need wifi access point)/Browse websites (flash supported so youtube videos can be enjoyed)
Cons:
1. Doesnt come with headphones/screen protector/bag/jacket.
2. Doesnt come with memory stick pro duo (unless you buy the packaged one)
3. You cannot just plug in the usb and charge it, you need to navigate to the usb settings only then it'll charge, which mean if your battery is dead you cannot charge using usb you'll need the power/car adapter
4. Screen reflection... while playing/watching video, you can actually see your mirror image
Overall worth it, my kids have fun time in long drives...
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