I had a look around and it doesn't seem there's a topic for this yet. If there is, feel free to merge or lock. ;)
Anyhoo, a while back Sony announced a new handheld, calling it the Next Generation Portable, or NGP. E3 revealed more about it, and the official title is the Playstation Vita, or PSV. This is what it looks like...
As you can see, it has dual analog sticks (rather than the nub things on the PSP) and a much larger screen, but what you can't see is the touchscreen on both the front and back (the back one is more of a touch pad, it's kinda weird).
Now, what's more interesting is the games, which look nigh-on PS3 quality.
Some people are predicting it could eclipse the 3DS upon release due to it's technical advantages, as well as the surprisingly low price (the same as the 3DS as it was upon launch, if I recall correctly), but the same was said of the PSP and we all know how that turned out.
Other interesting information - flash cards (like the 3DS and DS use) are the main format (rather than UMDs), all games will be made available on the online store for download, as well as a select number of PSP and PS1 classics, it will have a camera that allows for AR games, motion controls, and there are two models, one with 3G internet capabilities (through AT&T) and another without (which is the cheaper model, naturally).
If you want to read more, and see some in-game footage, here's the official site.
The expected release dates are Winter 2011 for Japan and Q1 2012 for the US and Europe.
I'm waiting for more games that are interesting to me personally, but I have quite high hopes for the system, and I predict Nintendo will have more to worry about than they ever did with the PSP.