First of all:
Psionic Powers Overview :: d20srd.org
"Manifesting Powers on the Defensive
If you want to manifest a power without provoking attacks of opportunity, you need to dodge and weave. You must make a Concentration check (DC 15 + the level of the power you’re manifesting) to succeed. You lose the power points without successful manifestation if you fail."
Manifesting can be done in armor, because it has no somatic components. It also has no verbal components, though it does have a display, which can be audible (type of display determined by power used). You can make a concentration DC 15 + power level to manifest without a display.
Manifesting is a purely mental action, so while it can be disrupted like a spell, there are times you could not cast that you can manifest. For example, if you were left physically paralyzed but still able to take mental actions.
In general, psionics is a lot more flexible with an individual power due to augmentation, but you also have no class like the wizard that can just plain know a ton of powers. Also, some categories of powers become really expensive because you have to pay to augment with power points what a wizard would get for free. The biggest example is evocations (kinetics). Each extra d6 costs you a power point. Every 2 power points is like paying to raise the power's level by 1 (compared to spells) roughly. I strongly recommend not being a psionic blaster. You can pump your damage a little higher than an evoker, but the cost is outrageous. The only blasting powers worth taking, IMHO, are the ones that break the normal dynamics. For example, energy stun, which adds +1 DC for each PP you add, instead of every 2. I think Energy Missiles was good for the same reason, I forget.
EDIT: That reminds me, you basically need ot expend your psionic focus to do anything special at all, even apply metapsionic feats. So wis 13 and the Psionic Meditation feats are IMHO just as much requirements of a psionic character as Natural Spell is for a Druid. You just need it to function.
http://www.d20srd.org/srd/psionic/psionicFeats.htm#psionicMeditation