RSS feeds are definitly the way to go! Why? Because you need to build your site up with content/traffic first before anyone is going to even look twice. Try and find a good feed that has fresh news and great quality content and integrate it into your site. After a few months and some SEO work you should be in a much better position to think about bringing some other people in (they won't work for free either) so you will need some finances first.

I would think about giving away free psp games for your launch promotion as well, post on some big gaming forums and try and attract some of the members to check your sites out. Have you thought about introducing a gaming blog? For the reviews, simply rent out or buy the games, play them and give a detailed summary with screens. That way you don't need writers.

You need to make your site different from the rest, not sure how you can do that...one way is to have news first but without inside knowledge it's very hard to do and thats why there are only very few decent gaming sites, IGN/Gamespot etc.

Competitions could be a really great way...people could have to try and get the top score on their favourite game and send a screenshot into the site perhaps via SMS or e-mail and the winner gets to be featured/interviewed perhaps make a hall of fame and they also get a prize.....what about merchandise? Official t-shirts, cups, mousemats etc......I could go on allday!