Don't forget its a tile base renderer. So the dc with overdraw will kick that 664mpixel fillrate around .
That's not really true. It would take an overdraw of over 6x for the DC to outperform the PSPs fillrate. Real games average around 2-3x overdraw. Take a look at these benchmarks on this PowerVR Neon250 review:
http://www3.sharkyextreme.com/hardware/reviews/video/neon250/9.shtml
The Neon250 has a fillrate of 125 Mpixels/sec and the TNT2 has a fillrate of 300 Mpixel/s. The Neon250 slightly outperforms the TNT2. The PSP has more than double the fillrate of the TNT2, so the PSP should clearly outperform the Neon250's 125 Mpixel/sec fillrate.
It's a common misconception that the DC's TBDR architecture can outperform an IMR with much higher fillrate. It isn't a miracle solution. Eventually more fillrate wins over the efficiency of TBDR.
As for effects of the PSP, one of the slides from the PSP presentation said that it has pixel shading, so it might even be better than the Dreamcast in that area. We'll just have to wait and see.