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Stepping away from price, the last year has seen the PSP getting a plethora of amazing titles. The sheer quality and shine that these games contain are amazing. As final blade said; the PSP is going to be supported for 10 years.
Give the PSP time. Good things take time
Game-wise, that's entirely opinionated, and probably won't lead anywhere in a discussion. The "sheer quality and shine" can be applied to the DS side too. While the PSP has good games, there are more on the DS.
In terms of games, well I got half a shelf line with PSP games with more on the way and I would've had even more if I liked RPG's. PSP's problem is the price, and lack of popularity compared to Nintendo...in which everyone recognizes a DS rather than a PSP.