Is Sony's PSPgo just what you needed, or an overpriced rehash?

Apparently word is slowly trickling through Sony that its brand new handheld is actually called PSPgo (at least according to the second of two pieces of PR we've seen on the thing). We're guessing a similar word of mouth pace will operate in the inverse to communicate to top Sony brass that most folks think $250 for years-old gaming handheld hardware is a little steep these days. Of course, sequestered in our Engadget HQ and flush with cash from a hefty hit and run settlement a couple years back, we're more curious as to what you think about the price and feature set here. Don't be shy, just let it all out.