The PSP has shifted 50 million units, almost as many as the Wii and as many as the PS3 and 360 put together. The wave of terrible PS2 ports has given way to some great exclusives including Metal Gear Portable Ops, Monster Hunter Freedom, Loco Roco, Patapon, Prinny, Crisis Core, God of War, Resistance Retribution, Lumines, Wipeout Pure, Daxter and Ratchet & Clank: Size Matters. It has its own PSN Store, plenty of firmware updates and Sony clearly feel confident enough in its future to release numerous colours, bundled consoles and bite-sized PSP Mini games along with increased support for small-scale PSP devs.
A slow starter, yes, nor is it the biggest seller this generation. But the PSP is well into its stride now and shows no signs of slowing down. I can't fathom how 50 million units, a crop of excellent games, a steady stream of upgrades and healthy hardware sales constitutes the console being dead.
I own a DS as well and love it just as much, but I'm getting loads of use out of my PSP right now.