Is trading a PSP 1000 for an iphone 3g a good idea?

I'm trading someone my PSP 1000 that no longer reads memory sticks for his old iphone 3g 8GB. I'm looking for something to use as an apple-style mp3 player. Would it be a good trade?

With the PSP I'm giving him a carrying case, charger, and a few games because he bought me lunch.

With the iPhone, he's giving me a hard case, a charger, and a pair of skullcandy lowriders.

Would you consider this wise or should i give less?

It really depends. I would personally trade my psp for an iphone any day. It just depends the condition of the phone. You can get so many more games on the iphone, but there are only a few console games on the iphone (like spiderman, batman etc. But there are substitue games like the ganstar series ( GTA like game.