I just found out what the wattage of this device is: 5 watts.
Which more than likely means its going to use an ARM based platform similar to NES/SNES Mini.
If its the same hardware, then it will be an easy machine to port homebrew over, which i feel is the biggest, albeit less prominent potential advantage of this PS Classic. It could be an ideal low end machine, although their PSTV already fits that role. Since the PS Classic likely is going to run Linux, other games may be ported over though.
That being said, in terms of technical prowess, you could argue even the NES/SNES Classic's are incredibly overpriced for what they are offering technically, especially when you can get an TV Box with vastly more modern CPU, GPU, more RAM and more flash memory for half the price, except that runs Android.
I hope the PS Classic actually does run a modern SoC (As in, 64 bit's Cortex A53) instead of the rather outdated AllWinner R16 platform, but i am not holding my hopes up.