I was skeptical but I picked it up at Frys anyway for 37.99.
I am pretty impressed now, I've been playing PS2 madden almost nonstop and have gotten used to the passing cone, so it's going to take me a while to adjust to not having to lock in on recievers.
Graphics are pretty good, expected from a first shot game on a new system, i'm sure with age the series will only get better. Players are easily distinguishable, no doubt about that one.
Gameplay wise, it's madden 06 on the go...i use the same plays, same playing strat and it works just the same on the psp as it does the ps2. It takes a little getting used to because of the control scheme and all, but you'll get the hang of it within at most 5 games.
Loading times are present, mainly at the startup, but those .5 second load times during play selection, etc aren't even noticable to me personally. They are there but it's honestly no big deal. There is as mentioned a slight pause after a TD--but since there are no replays anyway it didn't bother me all that much.
The very brief hitch on a change of possession, touchdown, etc. is extremely overshadowed by the great handheld gameplay.
I can't believe they fit the entire franchise mode into the game, plus all the commentary from the console versions are intact.
Overall i'd give the game a 87/100 -- if you EVER wanted to play a respectable version of madden on the go, you have no excuse not to pick this one up if you already own a PSP
*Edit* i'm hearing people say that turning off commentary gets rid of all the hiccups in gameplay pauses between plays, etc. I'll have to try that out!