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If it looks brand new, I say why not? It's not like PSPs come with one time activation codes. I'd say what he's offering is definitely worth $110. I doubt you'd find a better deal without hours of searching.
On a side note, tell your friend he should be ashamed for selling off his beloved PSP. That's like selling off your first born. Once Type-0 comes out, go back to him and rub it in his face.
I bought my PSP brand new, but it was some time ago. With all these rumors of a new PSP or PSPfone coming out, i wouldn't recomend buying a new PSP. Take the used one from your friend. Even because if a new version of PSP is released the prices in the stores are going to drop and you will feel terrible.. lol
I have a bit of a motto on this; "If you can't find a friend to sell you one, buy it new. A friend's not going to sell you junk."
If I were you, I'd buy his system off of him, because at least you get a rough history of what the thing's been through if you need to. Accessories and games are expensive too, so what he's got for you is a sweet deal, since you're getting several games, a system, and the case...and sure, you get a 1 GB memory stick, but now you have the rest of your money to buy a MASSIVE memory stick, and a few more games.
All in all, I'd take this deal if I were you...after all, I got my PSP Go by buying off of my brother, and that little gizmo is amazing.
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