Sony has just shown off its 'PSP2' at its PlayStation Meeting event in Japan, codenamed NGP (Next Generation Portable).
The company has confirmed that it will be released this holiday.
CVG's man in Japan reports back that the device has: "Dual analogue sticks. Six Axis controls. Front and rear cameras. Much bigger screen than PSP. Touch pad on the front and rear and Flash memory.
Also, 3G and wifi. They're still calling it NGP."
Sony studios boss Shuhei Yoshida demoed an Uncharted game on the device, taking control of Nathan Drake in front of a hugely excited Tokyo crowd.
He referenced the "large and beautiful screen" whilst playing, which he claimed was around double the size of the standard 3.5 inch smartphone display.
[Update: Sony has since confirmed that NGP has a sizeable five inch display.]