Never had a handheld console, it always seemed like a waste of money to me.
Not that I haven't played on a handheld before - my brother has a PSP, my sister has a DS and way back when I had quite a few friends who had a GameBoy/GameBoy Color/GameBoy Advance.
However, I must admit the PSV looks mighty nice. It's about time they put in two analog sticks! Hopefully, platform games won't have as many camera issues anymore and shooters will play as they should. On the other hand, the whole touch screen thing (and rear touch pad) seems kind of forced and I'm just gonna dispatch it as another gimmick.
But then again, I saw the DS as a gimmick in and of itself - from the touch screen to the ridiculous double screens. And now, with the 3DS, we got 3D, yet ANOTHER gimmick! Hooray!
So yeah, big chance I'm gonna buy neither, but I'd choose the PSV over the 3DS any day.
Also, in the end, it's the software on the consoles that really matter - and in my humble opinion, PSV has got the better deal. Sure, both Nintendo and Sony will go all out to bring their biggest franchises to the tiny screen, but at least Sony's re-hash factor isn't as terrible (yet) as Nintendo's. Seriously, if you start counting from the GameBoy Advance, just how many first party remakes did Nintendo pour onto its handhelds?! You make me choose between Dragon's Crown or ANOTHER Ocarina of Time re-release, well then I know what to choose.