May be
robinhood meant wait for the price of Vita to drop. Games are also very expensive at the moment. If you can afford it go for it as it can play PSP and PSX games downloaded via PSN.
nimitbhardwaj -
If you plan to play against a friend then the E1004 is definitely not for you as it doesn't have WiFi. Lack of WiFi also means that you won't be able to use the browser which was terrible, Skype, Internet Radio, Remote Play etc., Internet Radio is nothing but Shoutcast Radio. Digital Comics never worked with my PSN account. Since you plan to use CFW we can just skip the part of downloading stuff from PSN here. If you don't want any of these features then the lack of WiFi is not an issue.
It doesn't have stereo speakers but the ones on the earlier model were not loud enough that you could do without earphones when using the PSP while traveling. So a good earphone balances the equation here.
TV Out - Do you really need this feature?
Battery not removable. Why do you want to remove the battery? Pandora Battery didn't do the trick for 3000. No reason to believe it will work on E1004. Considering you will be playing games stored in your memory card you will saving a lot of battery already.
Installing CFW. It is not very difficult and I am sure you can do it on your own though it won't be a permanent mod.
Finally price - With the PSP you will have to get a memory card(needed), scratch guard (optional), carry case (optional), etc.,
You don't really loose out on much with an E1004. If you plan to just play games on PSP by yourself then none of the missing features can be termed as deal breakers.
Hope this helps.