Absolutely. The PSP is still my favorite way to go and play the classic PS1 games like FF7, Metal Gear Solid, etc. It really is a wonderful device, but the DRM Sony has repeatedly strengthened over the years has made using it somewhat of a gamble.
It'd be a shame if we suddenly couldn't play these classics anymore just because Sony wants us to repurchase it on Console XYZ.
The PSP has been thoroughly owned, and just about every game for it is available somewhere on the internet. Even emulating the PSP is getting pretty good.
That said, the Vita is much nicer for PS1 games, and if your firmware is old enough, you can even convert your old discs yourself for it.
It'd be a shame if we suddenly couldn't play these classics anymore just because Sony wants us to repurchase it on Console XYZ.