A sign has been seen at the event that says "Next Generation Portable"

Seats are marked as being reserved for represenatations from Epic, Capcom and Konami.

An Activision logo was also seen.

Give it up Homer. We're a dying breed (imports).

Jack Tretton is apparently there.

More ram than any current home system? That sounds like overkill. I'm sure it's pretty powerful but not so powerful that ram would be the bottleneck, especially at that screen resolution. The 16GB internal memory also sounds like overkill that will drive the price up. Offering lower but sufficient capacity to begin with, that is easy to replace for users who want more, would be better. Like Nintendo is doing with the 2GB card, although I guess that will make transfers tricky without a PC or other card reading device, unless you buy a higher capacity card day one and never use the 2GB.

With no details on all this hardware, the specs sound like they put 3DS to shame, but I'm worried for what they'll do to the battery life and the price (which a seemingly necessary much better than PSP battery could also drive up). But yeah this thing will probably be able to put out 360 level visuals with no sacrifices beyond the lower resolution screen, unlike the 3DS which may approach that overall visual quality  on occasion but with clear shortcomings (at least for now) like the SSFIV backgrounds or the polycounts in Mercenaries models. Still, will the difference be enough for the mass market to tell apart, especially if the pricing approaches Apple products? And will they prefer better raw visuals or eye popping 3D?

Anyway, it looks like Nintendo did good to incorporate 3D this time, PSP will be much shinier in normal visuals again going by this, not to mention taking most of their own tricks with the touchscreen, trackpad and motion controls. Pretty much any DS style game could be done on PSP2 now, whereas previously that was impossible without heavy gameplay changes. If Nintendo didn't have 3D, the systems could appear nearly identical on many levels. If Sony can keep the price down they may do even better this gen, without having to rely on just Monster Hunter either. But with these specs, can they?

At least we can hope that if this thing appears anywhere near as impressive as it sounds on paper, Nintendo will see fit to adjust their pricing before it hits. Shit with these specs I wouldn't be surprised if they announced Killzone 3 as multiplatform title with cross platform play between PS3 and PSP.

You think we'll get any specific games mentioned? Or just publisher support?

Checking in.

You watch that, I'll stay on Kotaku. 1UP has a live blog too -- probably Mark McDonald.

They bring up the Cell -- now Home?  What's next -- Pearl Harbor?

"The world of portable gaming offers a different value in enjoying games"

Yeah, a lesser value.