My review, because I have nothing better to do:
+On FW 1.5, you can play nintendo 64 games, snes games, gbc/gba games, supertux, doom, tetris, and emulate higher firmwares to get the web browser and rss feeds and stuff. In other words, don't like sony's games? Play nintendo or homemade games! For free.
+On FW 1.5 you can change fonts, game boots, startup, etc. FW 1.5 is just magical in general.
+If you get FW 2.0, you can downgrade to 1.5 easily
-If you get a 2.01, 2.5 or 2.6, you have to rent GTA to downgrade to 1.5, anything higher and you can't downgrade. (but an exploit has been found so you never know)
+Great interface
+You can listen to music, go online, listen to audio rss feeds, watch movies, etc
-A lot of people complain about listening to music, because it's not up to par with their ipods. I love it though, but you might not maybe?
-There's a massive shadowing problem with the lcd screen, so if you're watching a movie for a while, you'll notice the words don't line up with the mouth. This is my biggest problem with the psp.
-The web browser times out a lot. But if all you really want it for is to check your email and the daily qc, you should be fine. The psp browser is pretty pointless anyways, if you think about it.
+Batterys last a good five hours, they are rechargeable, and you can buy an extra if you think you'll need it. But unless you plan on being in a car for 10+ hours, you probably wont.
+If you need extra space, you can always buy another memorystick
-Batteries and memory sticks are expensive.
-UMD games cost a LOT. And never buy a umd movie either, just play movies off the memory stick. Umd's suck up batteries.
+Lumines
+Burn out legends
+Wipeout Pure
+Star Wars Battle front II
+Lego Star Wars II (coming soon :S)
If you have no idea what 1.5, 2.0, 2.5, mean..It's the firmware, which is like the psp's operating system. The earliest firmware (1.0 and 1.5) had a few 'security holes' that let people run non-sony games/applications. Because of that, you can run tons of emulators, games, and tools to personalize your psp. But sony finds this a money threat (people loading their games for free + other free games = less sales) so the higher firmware the more holes sony patches up. Currently you can downgrade back to 1.5 from up to firmware 2.6. But any higher and you'd have to wait a bit. (there's been another exploit found in all firmwares though, so it might not be too long though)
I had a psp fw 2.6, and it's cool for a week and then it gets boring. Downgrading to 1.5 was the thing that made it worth the $250.