i have one. it is alot like a vmu from the dreamcast, though i believe it predates the dreamcast. there are tons of games that you can download to it from playstation games, but most of the games are japanese. it's got a 1" dot matrix screen that does some minor animations a la tamagotchi. it's also got an infrared port to communicate with other pocketstations. i believe that there was some sort of IM function it could do like the ds. i purchased mine back in '02 off ebay for $15 so that i could level up my chocobo summon from ff8.something like 3 U.S. games have functionality with it, but it's a fully functional memory card and chimes when inserted. when inserted into a ps2 is recognized as "pocketstation" instead of plystation 1 memory card.
it also has an alarm and a somewhat nifty wrist strap
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