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PSP: Good for Movies?

I do a lot of travelling and have come to the conclusion that I need a portable device for playing movies. Dear god, not another on-the-plane flick...

I've been scoping out the Playstation Portable, which I know is mainly a gaming platform. But, it also does movies.

I've also heard there is a way to stream movies into the device so you don't have to use their proprietary DVD-formatted movies. Has anyone had any experience with doing this? Is the PSP a good choice?

I've also heard it does wireless? Anyone had any experience with its wireless?

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Greg Shields' Bio:

Greg Shields, is an independent author, instructor, and IT consultant based in Denver, Colorado, and a co-founder of Concentrated Technology. With nearly 15 years of experience in information technology, Greg has developed extensive experience in systems administration, engineering, and architecture specializing in Microsoft systems management, remote application, and virtualization technologies. Greg is a Contributing Editor for Redmond Magazine, MCPmag.com, and Virtualization Review Magazine and is the author of five books, including Windows Server 2008:  What’s New / What’s Changed. Greg is also a highly sought-after instructor and speaker, speaking regularly at conferences like TechMentor Events, and producing computer-based training curriculum for CBT Nuggets.  Greg is a recipient of Microsoft "Most Valuable Professional" award with a specialization in Windows Terminal Services.