There have been more than $150 million sales of PSP in its first week sales. The device has completely outdone the launch week sales for any other product in the space, and some are calling it the "Must Have" product of 2005.

"The launch of PSP was everything we hoped for, with extraordinary consumer demand driving sales of hardware units alone upwards of $150 million in first week sales, far and away above those generated by any other product in the space. In only two weeks, PSP is having an immediate impact across the entire industry as consumers are clearly voting it the product of the year in 2005." - Kaz Hirai, president and chief executive officer, Sony Computer Entertainment America.

Meanwhile Nintendo, currently the world's biggest maker of hand-held game players, has reported fantastic profits. Seemingly, the fiscal fourth-quarter profit for the company beat its own forecasts, as it announced a record dividend.

Net income was about 14 billion yen ($130 million) in the three months ended March 31, compared with a 1.4 billion yen loss a year earlier.

Nintendo will be counting on their DS dual-screen player to help them maintain their dominance of the handheld market, but will find stiff competition in the form of the Sony PSP.