Great thread, for the most part. I also use custom firmware. It takes a little longer to get the updates that the official firmware provides but once the custom version is released you can do all the official stuff on top of the emulation and other homebrew.
As for games, I agree that the "no good games" argument is old. The PSP has 44 games ranked 80% or better on gamerankings.com versus 32 for the DS. I am not saying which games are better, that is left to a person's taste, but there are plenty of games for the PSP as people have mentioned.
Based purely on a games argument, the PSP is a great system. Adding the multimedia functionality and up to PS1 and N64 emulation is icing. Very sweet icing. I actually didn't know about the N64 emulation until this thread, so I look forward to trying that out. It's been awhile since I've played a lot of those games.
