Pros:
Great graphics
Well priced for hardware
Dual analogs with full home console controls
Online multiplayer
Party (Cross game) chat
Full digital library
PS Plus
Social apps, etc.
Great web browser
Large high quality screen
Dual cameras for skype, video recording, augmented reality (including cardless AR)
Front and rear touchscreens for navigation and unique gameplay
Remote play
Content manager to back up data
Cross* features with PS3 like *controller, *buy, *play, *platform, *save
Trophies
PSP, PSone, PS Mini digital library
PS Mobile games/apps
Near, game goods, players nearby
Cons:
Currently most expensive dedicated handheld option
Expensive memory cards
Screen may require protection to carry around
Almost too big to carry in a pocket
Battery capacity has not advanced with hardware power ~5 hours, downgrade from last gen, but still longest battery life handheld :S
Before the PS3 everyone was nice to me :(
