GTA VCS is a Brilliant game, I am currently playing it and the graphics on PSP are amazing, much better than the graphics in old Vice City, and the game itself improves upon LCS in every possible way, it has got swimming, Helicopters, Planes, buyable properties that can be developed, longer and more difficult missions, and more side missions required for 100% which makes for great replay value.
One of the best features VCS has got over the old vice game is Swimming, admit it, you hated when Tommy would drown all the time, and being able to swim in this game makes old VC look bad, also, in this game, you can develop and choose which type of business properties you can make, Tommy never got to choose, while Vic Vance can choose from 6 different types of business to build.
The missions in this game are much harder and longer than the missions in VC and LCS, the missions in LCS were a bit short and simple, while the missions in this game and a bit more complicated and difficult, the old vice city game did have a lot of side missions required for 100%, but this game had much more, just about the same amount of odd jobs that San Andreas had, doing all the main missions in this game will take you around 10 or 15 Hours, but doing all the Red Balloons, rampages, and Taxi missions etc, will take you another 9 hours, so there is a lot of fun to be had, not to mention you will need a lot of patience to do everything.
The side missions in this game are better than the one's in LCS, they make more sense and actually have a solution to them, because some of the race's and vehicle jobs in LCS did not make sense, and were a little TOO difficult, a great example of this is the RC ( remote controlled) Car race at Beleville Park, I mean Seriously, the RC car handles like like a dog, it was stupid, and the other cars had an unfair advantage over you, it took me at least 4 hours until I finally passed it, but I was going insane and nearly smashed my PSP out of anger.
Also, Vice City is arguably a nicer place than Liberty City, which was a very dim and grey,but Vice City is nice and sunny and this game is a tour back to the great city, the game may be very similiar to old vice city, and may not have as much features as San Andreas, but it is a fully welcomed feature to the series that is GTA.
Some think that if Rockstar ever decide to bring San Andreas to the PSP, it will beat VCS and give the PSP a new top game, but I doubt that.