I was on ebay looking at random things again and decided to look for generic psp's to see how much they go far. I found something that is actually really interesting o.o
http://www.ebay.com/itm/Android-4-0-1GHz-512MB-4GB-4-3-inch-Resistive-Screen-PSP-Style-Game-Console-/321023988369?pt=Video_Games&hash=item4abe855291
Apperently supports n64, ps1, GBA, Sega MD/FC, and Android games.
Also supports 1080p HDMI out, ebooks, and has the android market on it o.o
Edit:
Oh and a resistive touch screen
I see those kinds of consoles all the time. Cheap knockoffs that run Android. The 1080p output is probably really laggy for one, my S3 supports it and it lags. Don't get me wrong, this would be perfect for emulation, but only if it's buttons were properly implemented as an android gamepad. It's running an ARM Cortext A8, you should be able to get fairly decent speeds in PSP and PSOne emulation (And yes, currently there is a cross-platform PSP emulator called PPSSPP. I run it all the time on my S3). Not to mention it's running Android 4.0, which is Ice Cream Sandwhich. ICS had some memory issues and much like Windows Vista, would take up way more than it needed. But shouldn't be too much of an issue since it won't be running a shit ton of bloatware that usually comes shipped with most phones today. In my honest opinion, this thing wouldn't be worth it unless you could unlock the bootloader and start hacking with kernels and custom ROMs.
Which there is no chance of me ever being that intelligent lol