I have a hard time seeing PSP Go as a ripoff compared to so many other things happening right now. It's an $80 premium over the existing unit, and it's got a lot of new features. Compared to the 360 Elite or 160GB PS3 which are $100 premiums and only add $15 worth of extra storage.
Or compared to the Wii, it packs nearly comparable hardware, 16GB flash, and a screen into a pocket sized device.
The Go can only be seen as a ripoff compared to the existing model. And I think most people see it as more attractive despite having "less features" (if you consider UMD a feature...).
Also, how is "Nintendo sitting on games" a ripoff or raw deal? They're not gouging or taking something away from customers. If they don't think it's worth localizing those games, why should they have to? Sony still hasn't localized Afrika, and I don't view that as a "raw deal".