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Honestly, I think it will depend on the firmware.

I think part of the reason the PSP sold so well was people wanted the PSP for non-PSP related activities.   Of people I know, i'm the only one who has an unhacked PSP... and bought a PSP for PSP games.  For everyone else it was for things like Emulation of older systems and Skype.

If it's unhackable it miiiight have a tough time of it.

 

Then again, you figure the 3DS is struggling a bit, and it will have Monster Hunter (probably).  Which is hitting it's stride right now.