The only current gen gaming device I don't own is a PSP and I'm not sure if I really want or need one. I don't know much about it other than the fact it has internet radio, can be an MP3 player, and can download games do a memory card. And the only games that I'm somewhat interested in getting are Monster Hunter, MGS, and FF7: CC.  I don't know much about the different models, so, could someone give me some advice?

PSP is my favorite Handheld/console this generation. But ultimately it's YOUR decision, no point in persuading you either way.

also emulates most consoles up to ps1.

Same as Star Scream... you should deffinatly get one... it has tons of great games, and they are sooo cheap... plus most of them will be rerelaesd on the PSN ;)

PSP 3000 with ratchet bundle is now available for sale.

Not only do I think that the PSP is the only current gen system worth purchasing, but I also think that it's the best handheld ever released. Ignore people who say that the 3000 model has "terrible" interlacing problems, it isn't any more noticable than the ghosting issues that the previous models had (I never spotted either issue myself). I'd have to recommend getting the PSP3000 and any of the following games:

Castlevania Dracula X Chronicles
Crush
Daxter
Dead Head Fred
Disgaea: Afternoon of Darkness
God of War: Chains of Olympus
Grand Theft Auto: Liberty City Stories
Jeanne d'Arc
Killzone: Liberation
Loco Roco
Lumines
Metal Gear Solid: Portable Ops
Patapon
Puzzle Quest
Silent Hill: Origins
Syphon Filter: Dark Mirror
Syphon Filter: Logans Shadow

PS. I hated Final Fantasy: Crisis Core, especially the combat system (if it can even be called that)

Had it in my hand for a while. While I don't get the criticism for the analog stick which is quite cool, the placement is awkward and after a while your hands hurt. Technically amazing, for example Chains of Olympus is an astonishing game I simply never lost the feeling that I would rather have played it on the PS3.

If I would travel a lot I would definitely buy a PSP, movies, games, music. The perfect travel shortener. As it is I pass.

Go check my collection, it will give u a nice view of the psp's library

Soon or later you will buy psp for:
FF:Dissidia
KH:BBS
FFXIIIAgito
PE3

also
Patapon 2 and Resistance: Retribution and other new 2009-2010 games. =)
So it`s just a matter of time. :)