I love the PSP, and am one of maybe eight people in the world that actually plays it more than my DS (though I love the DS, too).
I hate the short battery life, though. I got an extended battery for it, which works great, but it sucks that I had to shell out the extra cash just so my portable gaming system could be...err, portable.
Still, playing Monster Hunter Freedom 2 on the road makes it all worthwhile.