Various reports from the IGN Boards [Insider membership required] suggest that NCAA Football 07 isn't all that it's cracked up to be on the PSP. Although the game is released today, there's only one review out there from IGN: a very respectable 8.3. IGN didn't mention any glitches, so are the claims on the internet valid? Apparently, some teams in the game don't have updated rosters, one of the main reasons you buy a new version of a sports game. Also, the running game seems to be broken as well, as captured by DigitalEndorphins' video. [Right-click and download this link.]
Until this situation gets cleared up, you may want to wait before dropping your money on this game. But if you still go ahead, you can be pleased in knowing that at the very least, the game is $10 cheaper than the PS2/Xbox version and $20 cheaper than the 360 version.
[Update 1: EA has responded to the situation: "During running plays the ball will be spotted at point of first contact where the tackle is initiated. The ball will not be spotted where the player is ultimately taken down." Hmm... that doesn't sound like how it should work... Also, Gamespot's review has also spotted the glitch: "a three-yard gain on the ground sometimes is spotted as no gain at all."]
[Update 2: IGN has updated their review: it's now a 6.9.]