I've had a PSP since the US launch, I traded that in and got a slim one when that came out as well.
I probably don't use it as much as I should, but it's a lot of fun.
UMDs are not that popular, but they are GREAT for trips. Family Guy on an airplane kind of makes the time go by a little faster.
There are a lot of features that I don't really use (location free, skype, even remote play for the PS3...cause it's too slow for me).
As a music and portable media device, it's great.
As for games...Final Fantasy VII Crisis Core and God of War come out next month...that alone makes it worth getting PSP in my opinion.
The demo of God of War is amazing.
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