I don't do launch. When a new piece of hardware comes out, it seems to take at least 6 to 15 months before there's enough games to justify a purchase. While the PSP is impressive in its raw potential, I have yet to play that killer app that will cement the system as being relevant. Until then, I wait, and think about playing Lumines, cause that's a good game.
Now the DS has me hesitant: its a good idea, but no one knows where it's headed or if it can last. I will say this: The DS is quickly mounting a list of interesting games: Kirby's Canvas Curse, Castlevania, Viewtiful Joe, Age of Empires, Lost in Blue, Trauma Center: Under the Knife, Advanced Wars, Meteos, and the promise of a Shin Megami Tensei game. Oh, and Nanostray.