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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 a Principal Consultant with 3t Systems in Denver, Colorado. With more than 10 years of experience in information technology, Greg has developed extensive experience in systems administration, engineering, and architecture specializing in Microsoft, Citrix, and VMware technologies. Greg is a Contributing Editor for both Redmond Magazine and Microsoft Certified Professional Magazine, authoring two regular columns along with numerous feature articles, webcasts, and white papers. He is known for his abilities to relate highly technical concepts with a drive towards fulfilling business needs. Greg is also a highly sought-after instructor and speaker, teaching system and network troubleshooting curriculum for TechMentor Events, a twice-annual IT conference, and producing computer-based training curriculum for CBT Nuggets on numerous topics. Greg is a triple Microsoft Certified Systems Engineer (MCSE) with security specialization and a Certified Citrix Enterprise Administrator (CCEA).