Sony has just announced its "Next Generation Portable" at a Tokyo press event.
The device is literally codenamed "NGP". This was the first official image. You can get the rest here.
A trailer was shown displaying the machine's concept, including the words "Play Life" and "The Power is Now in Your Hands".
The machine was shown to have, as previously rumoured, a 5-inch OLED screen and dual thumbsticks.
It has SixAxis movement controls and front and rear cameras, as previously reported.
It's to have 3G, WiFi and GPS, front and rear touchpads and an electronic compass.
Sony claimed the handheld is to have PS3 quality graphics. Games were shown for the system, including Uncharted, LBP, WipEout, Resistance, Broken, Reality Fighters and more.
Sony also demonstrated the machine's new user interface. Titled LiveArea, it's said to be user-friendly, touch-based, and features a feed that shows what your friends are up to. In addition, there will be an application called "Near" that lets you find out what other gamers in your general area are up to. For instance, if you're on a train, other players can take a peek at what you're playing.
NGP will ship later this year.