depends entirely what you're into but i can tell u right now that the best value u can get by far is investing in the psp.
if ur into simple gaming and just want a handheld that does exactly that then DS is the choice.
if however u want much more than that then psp is definitely the best. psp offers the ability for homebrew software meaning u can add emulators, videos/movies and music etc. with emulators u can play ps1, nes, snes, sega megadrive and MAME games on it. it does require a bit of research though but in the end it's more than worth it.
basically in terms of features: PSP >>>>>>>>>>>>>>> DS
the only area DS trumps over the PSP is within their own game libraries.. due to the nature of the DS more innovative games are released on it with more variety and originality.
the PSP however is superior in the technical department and as such can have games with much better 3d environments and the like. something that was considered near impossible before has been proven true with the port of the arcade fighting game Tekken: Dark Resurrection which aside from a couple of minor flaws is a near perfect conversion of the arcade game.
as of right now though the libraries on each side stack up to each other pretty well according to gamerankings with a few more 80%+ ranked games on PSP than on the DS.. the negative part is that a good amount of them are ports from ps2/ps1 but the technical aspect of it leaves room for more options than the DS.
personally though i've always known that PSP has the best long term appeal simply because there's so many options available.
the main feature of the DS has always been the touch screen and it looks to me like it has worn out its welcome seeing as alot of games don't even put it to good use anymore... exceptions are zelda:phantom hourglass and the upcoming ninja gaiden game.
anyways hope it helps.
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