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Having a modded PSP myself, I find that it is an amazing portable system. It does what it sets out to do, being multimedia friendly, and a gaming device. However, having experienced the difference between a regular PSP and an modded one, I can say that there is a vast difference with just how much you can get out of your PSP.
Let's face it, the PSP doesn't have a good gaming library when stacked up against the DS - who in my opinion isn't all that good either in terms of games - and a lot of it's hidden functions, that really do make stand out, are for the most part inaccessible without custom firmware on it.
With that being said, I love my PSP, even though I use it for many other reasons - works great with my PS3 too - I think if you can get it, and then mod it, then you've got yourself a good travel mate. If you don't like modding, and just want to buy games, then I think your going to be running out of them quickly, since the PSP doesn't have many good games.
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