Apple sold like a zillion ipods (including the ipod touch) before they launched the ipod-itouch-phone (usually called the iphone). A top selling product (ipod) easily morphing into a huge profit making phone (iphone).

Sony can just about sell the PSP and last I heard their phones haven't been setting the world alight - although profits are very good for a third successive quarter which is good for Sony, sales are down.

If PSPs were flying off the shelves, beating the DS and SE phones were up in sales I would be quite confident of it doing well - but never an iphone killer.

..but what do I know?

Sony can create good hardware but Apple is the interface king.  Unless they can make the experience as seamless and easy/fun to use, it has no chance to killing the iPhone. 

Not even close or close to that or even close to that.  Even if PSP2 was the PSPhone, it still wouldn't come close to killing the i-Phone.

I think this will happen also.

The anolog sticks are touch sensitve.( the grey slab in the middle)

if you use the corners of the psphone and strike hard enough, then yeah, a psphone could kill the i-phone

there is a chance it will outsell the iphone but it's slim, if it does i highly doubt it will outsell in games bought for it.