You've probably done a lot of research and read reviews already, so I'll just keep this short and hit the highlights.
The screen: Yeah, it's nice. I have no dead pixels.
The games: A little skimpy right now, but I can easily imagine REALLY good ones coming to this platform. If you can live without a PSP for a while, you may want to wait for the good stuff. I haven't tried any multiplayer games yet, but I'm looking forward to it.
The video player: VERY nice. The Spiderman 2 movie looks fantastic. The movies are a little skimpy right now too, but if rental places (Blockbuster, airport stores...) start carrying lots of titles and new releases, the device is worth the purchase as a portable movie player alone. I hope there are plans for making UMD-R/RWs, because the memory stick is not yet practical for day-to-day storage of your own stuff.
The MP3 player: More bulky than most that are out these days, but good enough. It's a nice extra feature, but don't buy it for this functionality alone. (Is anyone anyway?) The included remote is handy.
The geek features: USB connectivity is kind of slow, but that's probably because of USB, not the PSP. I had a little trouble connecting to my Linksys wireless router. I had to assign an IP address because it wouldn't get a DHCP address automagically. Speaking of wireless, it SURE would be nice to be able to move files back and forth using a wireless network instead of USB, but I don't think this functionality exists (yet). Haven't used the IR port yet, don't know what it's good for since USB connectivity is included. Also, there are already hacks to make the PSP a Web browser and IRC client. This functionality was already built in, which tells me that Sony has plans for more functionality coming down the pipeline.
Spiffiness: Very. They put a lot of thought into the design of this device, and I think it really paid off. I appreciate little things like the button to disable the wireless and the switch to disable all of the buttons (for watching movies or listening to mp3s) except the remote buttons. I wish the case were a little more ergonomic, but with the right grippie/protector, it's fine.
What you'll need in addition:
1) A bigger memory card. For it to be useful at all, you'll want at least 256MB. I would recommend at least 512MB, but they're curiously hard to find anywhere now. 32MB just plain sucks.
2) Some sort of screen/unit protection, such as the rubber cover. You do NOT want that screen to get scratched!
3) Some games. It comes with none. I don't like the bundles that everyone is selling, because there's no discount. (Add up the price of the bundle and compare it with the prices of the separate items...) I suggest getting the Value Pack and picking your own games and accessories.
4) A carrying case and some UMD disc cases would be nice, otherwise they'll get scattered all about. The games and movies do NOT come with a protective case, so unless you plan on ALWAYS returning the disks to their almost DVD box-sized boxes, you'll need something to keep the discs from getting scratched.
If you're the kind of person who has to have a PSP now, I think you'll thoroughly enjoy it. If you're not, then don't let all the hype change your mind. It solidly earns four out of five stars right now, and as more games and movies are released, that rating will crawl towards five. If you're somewhat interested in buying one, though, I do think you'll eventually get one because it is a lot of fun and quite useful. Hopefully this will help in your purchasing decision!
