Here is some made up but realistic specs for the new system, that I think might just be introduced:

• Mini Blu Ray drive. (Mini Blu ray discs are now out - 15 GB DL max data capacity) seems viable and the only option to still have UMD compatibility)- Backwards compatibity with PSP UMD games and movies.
• Wifi A/G/N spec
• Bulit in 2-3.2 Megapixel webcam for GO! Messanger / Skype video support. And cellphone like photos and videos.
• Dual analog sticks
• No touch screen. To costly for production and not needed. (Too much like a DS)
• PS1 and PS2 emulator bulit-in / PSnetwork downloads for games (Like the PSP).
• Longer improved battery consumption. More power saving features?
• 1Ghz+ low power consuming processor and 128Mb of SDRam or more
• No built in Flash drive, too costly for production. (Besides Sony wants us to buy Mirco Memory sticks or MMS Duos of 16gb etc)
• Divx and other major codec support from day 1.

What are your thoughts? Feel free to add your comments.