the 3ds looks more powerfull than the psp, since the psp was a downgraded ps2. i would believe the 3ds to be at gamecube level, maybe alittle more. 

3DS cards have a maximum of 2GB (at launch) versus 1.8GB (dual layered) for UMDs.  So maybe not if it's a launch game, but probably if it's coming later.

Well, in terms of actual power it probably is more powerful than a PSP.  But that is only because it has to pull off the 3-D.  Speaking on a graphical level specifically, it pumps out the visuals on par with the PSP.  At least, that's the conclusion I've come to with the pics I have seen.

Geometry looks PSP/DC-ish level (and below PS2/GC/Wii), but texturing and effects look well above PSP, and honestly going off what we're hearing it's likely ahead of PS2/GC/Wii also.

Dang so this little device is packed with processing power since it needs to render everything twice for each eye. I would say it's powerful than a PSP/Ps2  a little less like xbox though.

BEHOLD!!!!

http://tinypic.com/usermedia.php?uo=zHAawG5Dm5Z5aQ0GYq45A4h4l5k2TGxc

Well, I'm just going to go off of execution.  Granted, I'm sure there may be some improvements in the future.  And it has been awhile since I've played a PSP game, but still, I'm not seeing textures that are well beyond the PSP.  I know GOW:COO is probably one of the best looking titles on the PSP.  And going off of memory, these titles look pretty close to that, in terms of geometry and textures.

The texture work in RER and MGS3D is really beyond PSP, there's even normal mapping present.  Granted both aren't "full" games at this point, but rather fully realtime cutscene demos, but it's still prelaunch and beyond anything on PSP's 5 years of full R&D.

I'd say it's more comparable to the iPhone 3GS or iPad for raw ability (though those platforms are rarely pushed).