Oh yeah. PSP's are fucking wicked. I have one and it's my baby. It gets me through an 8 hour shift at work. I sit on the toilet in the stall and mash SvR-07 for a good 20-45 minutes at a time haha. The graphics are amazing, but the back-drop graphics are obviously horrible to compensate for the hand-held size. For instance, the wrestlers in Smackdown vs RAW on PSP are very detailed, but the graphics of the crowd is horrible and they look like card-board cut-outs.
So if you travel a lot or want a PSP to slack off at work, it's a wicked choice. But if you just want to game in your house, I would buy a Playstation 3 so you get all-around good graphics.