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Claimed to be as powerful as the Playstation 3.

The PSP2 Is Here: Dual Analog Sticks, Touch-Sensitive OLED, 3G Built In & So Much More

Price is supposed to be around $350 U.S. Dollars which is a great deal for what you are getting.

Still looking for info on a U.S. release date but I guess it's around July for release in Japan.