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A side note to everything already said above;

Another reason the GameBoy and GameBoy Color are considered to be of the same Gen, is perhaps that both are 8-bit. Both devices are basically capable of doing the same, besides the obvious colour addition. The GameBoy Advance was a proper new system because it was 32-bit.

Mr Puggsly said:

(..) 

PSP Go doesn't have a disc drive, but its still compatible with all the games. You just have to hack it to play games off the memory stick.

Well you're not supposed to do that.

Out of the box, PSPGo and regular PSP were not compatible with most of each other's features. I guess that, were 'the scene' around back then, GameBoy Color games could be played on GameBoy by hacking them too and they would just be greyscale.