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Here we are pretending that there are only 2 handsets on the market...

Until either is jailbroken I would gladly take GP2X Caanoo or Pandora over 3DS or PSP2.  I love my GP2X...

However if looking at those 2 handhelds only, without open source stuff and emulators, I'd go for 3DS. DS has much better portable games than PSP. PSP is your poor mans home console which sucks for portable gaming. I do hope PSP2 is really powerful so we can get crazy emulators workin on it. N64 is the most advance emulation available on handhelds today...