The PSP is undoubtedly cool, and it's about half the price of my Portable Media Center. But, the PSP doesn't have a hard drive, and that's something that's very important to me... my current 20GB hard drive is too small—I'd ideally like a portable device like the PSP that has a hard drive more in the 40GB+ range. Ironically, the game-playing functionality of the PSP is something I care little about: my top priority is music; being able to store photos grabbed from a CF card would also be huge if such a device existed. Recorded TV sync'ed from my computer like my PMC does (Family Guy on the go!) and games like the PSP has would be nice, but I don't care that much, and I wouldn't be willing to pay much extra for that kind of functionality. I'm still looking for a device that plays music, stores photos, either reads CF cards or would connect to a CF reader, and has a big hard drive. There are lots of devices that come close, but I don't know of any that fits those requirements. If such a thing existed I would covet it greatly.
Update: Someone forwarded to me a link to the Archos Gmini 400, which is almost what I want, but 20GB is still just way too small. 20GB isn't even enough for the selection of music I want to put on (I have to trim things down a lot for my current 20GB device), let alone for any photos I've taken. It doesn't take too long to take two gigs worth of photos when photos are 8MB each. It does have a CF slot, though, which is hot.