It's pretty good. They didn't make NHL 08 for PSP so it's the only option available. Haven't played it too much yet. The franchise side of it is pretty unrealistic but what do you expect from EA? I took over the Canes, signed some average FA's and then traded Cole & Brindamoor for Ovechkin and Williams & Recchi for Gaborik. Good luck doing that in real life! Especially the first one! Ovechkin/Staal/Gaborik line should be crazy though. Could have swopped Staal for Crosby but felt like keeping Staal. Anyway, play-wise it's pretty fun so far.
If you are an FM fan and a hockey fan, you should buy EHM 07 for PC. It's enormous fun. I'm sitting here at work now, wondering who I'm going to trade to stay under the cap at the end of my 3rd season. I think Gonchar's gonna have to go, which is gonna hurt, but someone's gotta go because Crosby and Malkin are getting older and want better contracts and something's gotta give! Ok back to work...