The device codenamed Next Generation Portable (NGP), commonly referred to as the PlayStation Portable 2 (PSP2), is an upcoming handheld game console developed by Sony Computer Entertainment. It is the successor to the PlayStation Portable as part of the PlayStation family of gaming devices. The device is due for initial release during the fourth quarter of 2011.
The device includes dual analog sticks, a 5 inch OLED capacitive touchscreen, 3G, Bluetooth, and Wi-Fi support. Internally, the device 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 for the PlayStation Portable.
Source: Wikipedia, "Next Generation Portable," available under the CC-BY-SA License.