You can play PS1 games on PSP now
 

Full speed PS1 emulation has been achieved on PSP now, by cracking Sony's dumb PS1 emulator. Just thought it was newsworthy.

Are the graphics any good? I've never even held a psp before.

PSP graphics are great. The GTAs on the PSP look as good, if not slightly better, than the PS2 versions, and there's a game called Wipeout that I thought looked quite beautiful.

Once I get enough money, I need to decide whether I'll get the psp, or ds...ds has ff3 but psp has that untold legends game...which one's better?

Depends if you like the selection of either consolle better.

I've played both ff3 and UL and like UL alot more, yet I think the DS has better overall games.

I want the PSP and DS. PSP's gonna have a port of the original FF Tactics :D

The graphics look better than PS1 for the most part because the screen size is compressed. Playing FF7 is pretty cool.