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It's *usually* always better to wait for the second-generation product to fix a bunch of bugs. However, with the plethora of hacks already surrounding the PSP I'd worry about Sony crippling it to make more $$$ just like T-Mobile did with the Sidekick II.
It's up to you to gamble if Sony really will expand the feature set in the future or decide to make the PSP tougher to crack.
Given Sony's proprietary nature, I'd bet on the latter.
...also, where they ever really in short demand? I heard reports of people waltzing in any time on the day they came out and having no problem picking one up.