Sony has announced that they will release PlayStationPortable in 2004 right before Christmas (That's so that you can buy it as a present for your loved ones). PlayStation Portable or PSP PlayStationPortable.com
A couple of years ago there was a home made Portable Playstation that used PS1 as the base platform. No the new playstation portable (PSP) handheld gaming console will have the processing and graphics that are more like the ones you see on PlayStation2. Some technical specs are even better than the ones PS2 has. Portable PSP unit will use UMD discs as the rom media for games, audio, mpeg4 video and other applications. Also Play Station Portable.com reports that you will be able to use regular Memory Sticks for game saves and storing digital photos / mp3 files and so on. Via USB 2 you will be abe to connect portable to PS2 PSX and in future to PS3.