I've done a lot of research into this as portable emulation has always been something I've had, since my N-Gage way back in 2004. The Wiz is old news now and although ok for your 16-bit gaming, anything more and it will struggle, until someone manages to optimise new emulators for it's dedicated graphics core instead of porting over the '4all' range of emulators.
The pandora is another great piece of kit supposedly capable of (good) PSX emulation and all your PC frills, but it's still stuck in development hell. After much research, I opted for a PSP, which emulates all your 16-bit and less perfectly, GBA, N64 still being worked on, plus it directly plays PS1 isos using a quick file utility. Plus you get proper controls (unlike those horrible Wiz ones), a big screen, TV-Out on some and it will even run a decent build of MAME well, albeit without sound if you want good speed. The other great part about the PSP is the expandable memory up to 32Gb, so no need to have to leave stuff off and swap the content all the time.
Trust me, right now a PSP is the best option.