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I really like it (im a fan of the PSP to be honest) its slick, looks nice and i love the idea of 16 GB and hopefully it will increase the sales of the portable in the West.

However lack of UMD seems like a weird step to me, PSP has a good library of titles that can be accessed quite cheaply now. But now it forces you to be connected with PSN to get your games, plus they probably will be more expensive then titles that are now quite old.