It's coming later this year. There have been rumors ever since the DS Lite hit that Sony was also planning a redesign of its portable. Some of those rumors have ground in reality. Nothing official has been announced by Sony.

Various insiders state that the PSP2 is coming. Speculation is swirling around the industry, and third party publishers are hoping to tie their games to the PSP2 launch. Thing is, Sony has yet to pass along any information about when that will be.

Buzz is going about that the big announcement will most likely hit at E3 with Sony unveiling the redesigned portable. An announcement of launch date (which should be sometime 4th quarter) is entirely possible as well. The redesigned product apparently does exist as this is what we've heard so far:

* The screen is gorgeous
* The loads are faster
* Improved buttons
* Internal flash — 8GB
* Possible touch-screen
* Possible built-in camera
* Uses UMD