The PSP legitimately rocked. It had several great exclusives and a large backlog of compatible PS1 games. I actually ran hacked firmware on mine and dabbled a little into homebrew. Mostly to run (you guessed it) emulators. Given all of the buttons are the same, the PSP is an excellent portable SNES emulator.

That and it blew the graphical capabilities of the DS out of the water. I always thought the touchscreen was a stupid gimmick, but it did allow for some interesting gameplay. But the PSP was just leaps and bounds ahead in terms of power.