A mediocre portable hand-held system. It hasn't been out yet, so I can't really judge this very accurately.
So far, there has been a couple of bugs on the PSP. There's one where the UMD disk flies out while you're playing and one where the disk reads error, but it should be fixed when it comes out. It plays graphics equal to the PS1. Also the battery life is EXTREMELY low.
You can play PSP games, music, and videos using Sony Mini-Disks that hold approximately 1.5 GB of space.
If you're going for games, go for DS, and Cloud, you cannot judge portable devices to consoles you fucking idiot.