So, what's in the box?
Sony releases two different versions of PSP - The "normal edition" which was released in Japan/Asia regions and the "Value Pack" which is only available to the North America retail market.
The normal edition comes just with the PSP, the batter pack and the power adaptor. However, the value pack comes with generous bundles. It includes almost everything you would need for your PSP. I used the word "almost" because I think one item should be included in the bundles but it's missing. You'll find out below.

Fig. 2 ... Boxed Contents
What do you get?
- 1 x PSP
- 1 x power adaptor
- 1 x battery pack
- 1 x headphones with remote control
- 1 x protective pouch
- 1 x soft cleaning cloth
- 1 x wrist strap
- 1 x 32MB Memory Stick Duo
- 1 x UMD sampler (just some video clips of several games)
- 1 x Spider-Man 2 full movie (UMD Disc)
I think Sony did a good job to include the pouch, the wrist warp and the soft cloth in the bundles. Those 3 items give a nice touch to the package as whole. One item I find Sony should have included but did not - is the USB transfer cable.

Fig. 3 ... Protective Pouch

Fig. 4 ... Headphones with remote control
A few hours after I got my PSP, I was playing with it and I had the idea to transfer some pictures to the PSP. Guess what, I couldn't find the USB transfer cable. I looked around my room and empty the box, there was no USB cable. I thought I had gotten a defective package and they forgot to put the cable in. It turned out that the USB cable never comes with the value pack. It's like buying a digital camera and the manufacturer did not give you a data transfer cable. Sony should have considered that not everyone has a memory stick reader, shame on them! Fortunately I could still test the data transfer function because the USB cable came with my Canon digital camera is compatible with PSP :D.