Sony lays out its plans for the PSP Store
Sony has also revealed that seven download-only games are in production for the service during 2008. These include three action games, two rhythm games, a racing title and a shooting game. All of these games are being developed in-house by Sony, though there are talks of getting third-party publishers involved. Other content which will be available throughout 2008 will include video content such as trailers and behind the scenes clips, downloadable content for UMD games, demos and PS1 games. Thirteen PS1 games will be made available throughout 2008, all of which are currently available on the PS3 Store. Presumably these games will be from the Japanese PlayStation Store as the European and American stores have considerably less than 13 available currently.
There is currently no word on a European release date but chances are the American store will be accessible from European territories (and it'll probably be updated more often, too), so no worries there.