I haven't been active on the forums much since the Gamer Advisory Panel was closed (where I was an active member from the beginning until the end), so with that said, I'd like to re-introduce myself and my first topic regarding the PSP, Netflix, and an LF-V30 LocationFree base station.
Yesterday I posted an article on website Low End Mac where I write the Apple, Tech, and Gaming column regarding the LocationFree base stations and their ability to push Netflix to a G4 Mac using an appropriate base station, a PSP, and the necessary software. I've also been working with media server applications and a Power Mac G4, showing exactly what's possible when combined with your PS3 and PSP via Remote Play (more on that soon).
With that said (aside for my passion of Macs and my joy of gaming on Sony Gear for the last 18 years), I have been extremely captivated with the possibilities on my PSP. Don't worry - a Vita is in my future, but it's just amazing how much the 8 year old handheld can still accomplish, especially once you add on devices like a LocationFree base station, the camera accessory, etc.
Another great trick is the Memory Stick Pro Duo to dual MicroSD card adapter. I've upgraded my PSP to 64 GB of storage courtesy of that adapter and 2x 32 GB Class 10 MicroSD cards for under $50 - good luck matching that price with the Vita memory when 64 GB becomes available. This gives you tons of room to store media locally. Although not capable of HD media and HD gaming, the PSP is still a very competent device and can handle DVD quality video at decent bit rates and can even send that video to a TV with appropriate cabling if you own a PSP-2000 or 3000.
In closing, Sony really did some amazing things with the PSP. Some things the PSP can do such as make use of the LocationFree Player have not been added to the Vita as of yet, nor have replacement technologies been introduced. It's safe to say that the PSP will be enjoyed for years to come. Stay tuned on Media Servers and what that could do for your PS3 and PSP.