A 3.71 M33 firmware with a kernel patch will allow you to play homebrewed games on the PSP. I've used almost every PS1 emulator ever made and they're never perfect. Nor do they play all of the games out there. There are always problems with the sound, gameplay, or visuals. And as far as "investments" go (what a laughable concept for a device that's been out for 4 years) there's a wealth of games out there now for the PSP and the introduction of Skype is just one of many icings on that cake (TV hook-up, web browsing, and GPS coming in '08).