Been looking into these devices for a while now. The Playstation TV is basically a stripped-down PS Vita console but without the screen or touch controls.
The great thing about these little devices is that they are really easy to hack now. Within 30 minutes of receiving this device, I had it running a custom firmware with 128GB Micro SD storage and the PKGJ software which allows you to download virtually all the VITA/PSP and PS1 games directly from the console.
This device has made the perfect addon to my PS2 TV that I recently purchased. Now, this one TV can be used for PS1/PSP/PSVITA and PS2.
If you want to go further then little console can also run emulators such as Retroarch so 8/16bit console emulation is also easily achieved with this unit.
The price of these devices varies greatly on eBay, from reasonable to not quite so! After seeing what some of the auction prices were finishing at, I decided to skip eBay and purchased mine from CEX for £60. It’s a little more expensive than the cheaper ebay auctions, but hassle-free and has a 24month warranty. I have found CEX to be quite reasonable on certain things recently, it seems the inflation of retro hardware/software is increasing so quickly that CEX can’t always keep up!
If you decide to go down this route then make sure you look into the plugins that are available specifically for PSTV. These plugins allow Vita games that wouldn’t normally run on the console (due to things like the camera/touch pad not being available) to run on the system by using things like the motion controls of the DS3 controller. You can also overclock the PSTV since you don’t need to worry about battery life.