I think it should.
With the PSP we were introduced to a device that wasn't just a gaming device but also a MP3 and video player. However, on both fronts this was impractical. As an MP3 player it was big, bulky, had small storage (at the time when cards were limited in space), and the controls sucked. As a video player it was much better, but the small screen was still strange and people don't really watch movies on the go as much as Sony had hoped.
With the NGP we are getting a device that isn't just for gaming again, it's now more like a tablet. This is a huge improvement. If the NGP gets a real brower (which it should in this age of fantastic smartphone browsers), the NGP will be a small internet device, somewhere between a 4" smartphone and a 7" tablet. Watching movies on the beautiful 5", high resolution OLED screen would be a significant improvement over the PSP's screen. The possibilities with 3G really put the NGP more in line to compete with tablets, kind of like a "Hey look I'm a tablet but I have REAL gaming keys!", which is the same idea as the Xperia Play vs smartphones. Overall when I compare the NGP to something like the Samsung Galaxy Tab, I'd be stuck with the decision "Do I want to play high powered video games with fantastic controls on a 5" screen or do I want a marginally better internet experience with a 7" screen?" Many gamers will have no trouble choosing the NGP.
Now there's the issue with games. This defines a console. In America the PSP got very little love. Generally the only good games that have come out on it are Crisis Core, Birth by Sleep, God of War, Peace Walker, and Grand Theft Auto. These are impressive games (in my opinon) but it's nothing compared to the DS library, which consists of Mario, Zelda, Pokemon , Final Fantasy III/IV, Ace Attorney, Devil Survivor, Dragon Quest, Professor Layton, Okamiden, etc. The DS not only has a better library than the PSP, it's one of the most impressive libraries in all of handheld gaming, or even console gaming in general. Why purchase a PSP that can be a mediocre iPod with few games when you can get a gaming device with tons of games and a iPod?
That's where the NGP is different. The future titles look AWESOME. Uncharted, Killzone, Metal Gear Solid, Call of Duty, Resistance, Yakuza, and LittleBigPlanet. Even some of the new titles look impressive, like Gravity Daze or Little Deviants. Developers have also emphasized that programming for the NGP is very similar to the PS3, and claim that porting a gaming took only a week. This means some of out favorite titles not listed above may also make an appearance on the NGP. People can try to argue that console games belong on consoles, but if I can play Dragon Age on the NGP, it'll be nearly impossible to pull me off my bed.
Then there's PSTwo classics. This hasn't been confirmed yet, and I'm really hoping we hear something about this from E3. PSOne classics was amazing to me, and it's one of the reasons I strongly disagree with the popular notion that "handhelds games" should be of inferior or simpler quality as opposed to console games. Playing Final Fantasy VII, VIII, and IX on my PSP was amazing. I can't even begin to imagine the possibilities with the PS2 titles. The bestseeling console with the most impressive library of games in the palm of my hands. That alone would easily be worth the $250 for me. Of course, this really hasn't been confirmed yet, so hears to hoping Sony continues this fantastic revival of outdated consoles.
The NGP looks like it will really improve on the mistakes made in the PSP, and I'm hoping in the end that the most important factor (price) will be exactly where analysts have put it: $250-$350. Personally at $250 the NGP would be a steal with all the features above, while $350 is exactly where I would want it.
Desktop: AMD Phenom X4 955, ATI Radeon 7950 :: Laptop: Intel i7-3532QM, ATI Radeon 7670m
Consoles: 3DS XL, PS Vita, Zelda 3DS, PS3 Super Slim, DSi, PSP Go, PS3 Fat, Wii, GameCube, PS2
Now Playing: Metroid Prime 2, Dark Souls, Fallout: New Vegas, The Legend of Zelda: Oracle of Ages, Persona 4: Golden