"The PlayStation Vita (also known as PSVita or PSV) is an upcoming handheld game console under development by Sony Computer Entertainment.It is the successor to the PlayStation Portable as part of the PlayStation family of gaming devices.
The handheld includes two analog sticks, a 5-inch OLED multi-touch capacitive touchscreen, and supports Bluetooth, Wi-Fi and 3G in some models. Internally, the Vita features a 4 core ARM Cortex-A9 core processor and a 4 core SGX543MP4+ graphics processing unit, as well as LiveArea as its main user interface, which succeeds the XrossMediaBar.
A main feature is full backwards-compatibility with all PlayStation Portable games that were digitally released on the PlayStation Network, via the the PlayStation Store. The device's dual analog sticks will be supported in only select games. The system will also upscale and smooth the graphics via a software emulator."
Source: Wikipedia, "PlayStation Vita", available under the CC-BY-SA License.