when the first PSP came out in 2005 all were Value Packs that came with the following:
PSP unit with battery, charger, and power cord (same as the core model released later)
soft carrying case
wrist strap
ear bud headphones with remote for MP3 and video playback controls (headphones could be removed from remote and plugged directly into the port or any other headphones for that mater

).
32mb memory pro duo memory stick
UMD sampler disc with videos, no demos, that had music videos, game videos, and a few trailers for movies.
copy of Spider Man 2 on UMD (limited to i think the first 500,000 value pack buyers, i was one of them

).
they came out with the first entertainment pack a year or so ago that came with the following:
core unit
ATV Off Road Fury game
Lords of Dogtown UMD movie disc
and a memory stick, i cannot remember the size maybe it was a gig as well.
as far as i know only the first Value Pack had a demo disc, i think the playstation magazine offered one once in a while but do not quote me on that.