I remember first playing it on the PS2 after I couldn't find THUG2 because it was out of stock. I then managed to snatch myself a copy for the PSP. For a downscaled version, it does play well; however there does exist a glitch on the PSP where if you bail, your board resets to the default board. For example, if I had the Element board graphic on my custom skater's skateboard, bailing and fast resetting will reset the board causing the graphic to reset back to the default one. It's kind of annoying, but hey! We did manage to get a port the game on PSP.
Shame that version never gave you access to classic levels after you beat them...