PSP:
Pros: Really solid game library, can get many cheap games on UMD, can have custom firmware to do a lot more (great emulator machine!), can use pretty much any cheap micro SD card with an adapter, can use Video Out to connect to your tv.
Cons: 1 nub, specs/screen not as good, UMD drive uses more power (somewhat offset with games that can have install data)
PSV:
Pros: Better hardware/specs/screen, 2 nubs
Cons: Vita library is lacking (3rd party support is still very sparse), can't play all psp games (UMD only) and the digital ones are usually overpriced, feels awkard holding/using it (IMO), overpriced memory cards that can only be used with Vita. No custom firmware, no Video Out, Very pricey/overpriced.
starcraft: "I and every PS3 fanboy alive are waiting for Versus more than FFXIII.
Me since the games were revealed, the fanboys since E3." 
Skeeuk: "playstation 3 is the ultimate in gaming acceleration"
