It's here! And by "here!" we mean "nearly here!" After much rumour and speculation, Sony has announced that the new PSP - formerly codenamed NGP for Next Generation Portable - will be called the PS Vita.
So what are the Vita specs, when will the UK release date be and how much will it cost?
As the more eagle-eyed of you will notice, this is a near like-for-like dollar and pounds pricing strategy, something us in the UK are unfortunately getting used to now.
There was also credible previously rumoured pricing. Given that the Wi-Fi only version of the new PlayStation Vita will be $249 in the US and €249 in Europe, an unnamed source told CVG that the UK price will be "in the region of £235".
In addition to the Wi-Fi only version, which does 802.11b, g and n, the PS Vita will also be available with integrated 3G. This will cost slightly more money.
The PS Vita specifications are pretty tasty
The PSP's replacement has a five-inch, 16 million colour 960x544 OLED touchscreen, twin cameras, twin speakers, two turntables and a microphone. We're lying about the turntables.
You also get twin analogue sticks and a ridiculously powerful quad-core processor based on the ARM Cortex A9, the same kind of processor you'll find in many top-end tablets. Expect four to five hours of battery life.
The PlayStation Vita specs include a touch-sensitive back
The Vita has a touch-sensitive back so you can control the on-screen action without hiding it behind your fingers. The screen's multi-touch too. The combination of a touchy front and back is fascinating - Sony talks about it enabling "touch, grab, trace, push and pull hand movements."
Samsung might be making the PS Vita's processor
Sony's new PS Vita will reportedly be powered by a Samsung manufactured CPU, according to Japanese trade newspaper Semiconductor Industry News.
The new CPU for Sony's latest handheld will apparently be made using a 45 nanometre process.
Sony promises that the Vita's built-in GPS will mean some interesting location-aware games via the PlayStation Network, and an application called Near will let you know if your friends are, you've guessed it, near you.
The Vita also includes a three-axis gyroscope, three-axis accelerometer and three-axis electronic compass for handheld-waggling motion-controlled tomfoolery.
The PS Vita may double as a PlayStation 3 or PlayStation 4 controller
Sony Computer Entertainment Europe R&D manager Phil Rogers told delegates at the recent Develop conference that gamers would be able to use the PS Vita to "drive a display from a PS3 game, for example."
"PS3 can send data down to Vita and Vita can display it. You could use the unique features – gyroscope, touch front and back – as a control device for a PS3 game," the Sony exec added.
The PlayStation Vita does things with rabbit ears
From the Sony press release: 'by having both Wi-Fi and 3G network connectivity, together with various applications, PS Vita will enable infinite possibilities for users to "encounter," "connect," "discover," "share" and "play" with friends wherever they are.' That "sounds" quite "good", doesn't "it"?
PS Vita games
New titles scheduled to be released from SCE Worldwide Studios include Gravity Daze, Uncharted Golden Abyss, Little Deviants, Hot Shots Golf, Reality Fighter, Hustle Kings, ModNation Racers, Wipeout 2048 and Super Stardust Delta.
Other PlayStation Vita games, such as Capcom's Street Fighter X Tekken, will be available from third-party game developers and publishers.