Actually, I changed my mind. Decided to get a new phone instead. My 2 year old phone is somewhat old - older still considering that it was already a year old release when I got it. So, I got myself Jiayu 3S instead - same cost as a tablet (actually, cheaper), better, albeit smaller, screen, and pretty decent specs to boot. The GPU is not exactly K1, but still pretty decent. In the end, I did need to get a new phone, so this was one of those kill 2 birds with one stone scenarios and not only is it able to play psp games via ppsspp, but it also has a vastly superior camera (with, once again a drawback - speakers are shit).
This is my first Chinese phone - and I gotto say, it's not half bad.