What kind of PlayStation content? According to Hirai, "We will first emulate the first generation PSP titles to be available on PS Suite devices." All the titles shown so far are actually PSone games, including Cool Boarders 2, Syphon Filter, Rally Cross, WIld Arms, and MediEvil. In addition, Sony intends PlayStation Suite to be used as a framework for the development of all-new games for mobile platforms. PlayStation Suite is due by the end of this calendar year.
Update: It looks like there may have been a translation error. The official press release, pasted after the break, is pretty clear that the service will be "starting with original PlayStation games (PSone classics)." We're hopeful that PSP games will make their way to Android as well ... after all, there aren't a whole lot of PSone titles available digitally on this side of the planet.