The device is currently codenamed the NGP, or 'Next Generation Portable'. According to the platform holder, the NGP has been designed around five core pillars: user interface, social connectivity, location-based entertainment, converging real and virtual gameplay, and PlayStation Suite connectivity. PlayStation Suite is Sony's new initiative to bring popular PS content to Android phones, including PSone and first-generation PSP titles.

The new hardware boasts many of the features we already anticipated: a five-inch OLED screen is in, running at 960x544 resolution (4 times greater than the current PSP). The device also boasts: 3G, Wi-Fi, GPS, front and rear touch pads, and the same sixaxis accelerometer and gyroscopic sensors that power the PlayStation Move. The device also has front and rear facing cameras. UMD has been dropped and will be replaced by Flash memory cards. The device will provide backwards compatibility for any digital PSP games you've bought from the PlayStation Store.

The NGP is due this holiday.

Hit the jump for everything you need to know!