It's pretty awesome, and with the cheat device made for the PSP, you
can get flying vehicles; although, a lot of the build tops aren't painted (i.e. textured), so you get the neat flashy effect. You can also take screenshots, make videos (really gifs) by taking quite a few screenshots, change the speed of the PSP for literally twice the framerate in GTA:LCS, and more. Pretty awesome.
Speaking of making videos (gifs), here's one I just made:
It records every 8th frame, so it's a little jumpy X:.
Screenshots: