Actually, i've hacked and modified my psp, I have emulators for GBA, SNES, NES, and tons of other systems and even a PS1 emulator that runs at 35fps
I actually think that it all depends if your a inside person or an outside person becuz the psp would be good for someone who takes 1 hour to get to work, going camping, etc.... and a ps2 would be good for someone who doesnt like to go outside much and such ^^ but I would go with the psp as you go do a large amount of stuff on it