According to an article in Coffetoday.com , which admiditely looks like its been translated from Japanese,

The handset is likely to be launched in mid 2011 and new market entry in late 2011. Kaz Hirai, Sony’s PlayStation division boss, recently talked about the portable gaming. Hirai even divulge the features and design that is on PSP2. Hirai revealed that the PSP at this time, both variants of the PSP-3000 and PSP Go, get older and need rejuvenation effort. Not to mention a competitor Sony, Nintendo will release 3DS platform next year. “Games are played on the Android platform and Apple are fundamentally different from the world of immersive games. Sony Computer Entertainment, and PlayStation, aims to point to that direction,” said Hirai.

The sooner the better in my opinion…