As reported by us last week, Sony's Tokyo event is currently underway with engadget live on the scene. And comes at no surprise that Sony has announced the PlayStation Portable 2 code name NGP, even though Sony has denied the existence of the device numerous times in the past. Sony says that the PlayStation Portable 2 is going to based upon 5 key concepts: Social Networking, Revolutionary User Interface, Social Connectivity, Location Based Entertainment & Converging Real and Virtual Reality. The new PlayStation Portable is set to have a complete new redesign from the the current PlayStation Portable & PlayStation Portable Go models and will feature: Quad-Core ARM Cortex 9 processor & Quad Core GPU! 5inch OLED touch screen display with a resolution of 960x544, take note that current PSP only has a 480x272 resolution. Dual analog sticks. 3G & WIFI capabilities. Front a rear cameras and will also feature the same gyroscope and accelerometer sensors currently that are in the PlayStation Move. Electronic compass like the ones in the iOS family. Games will come in a "new media", but not the current UMD media that the PlayStation Portable (excluding the Go) currently has Sony has shown off a live demo of the PlayStation Portable 2 and with a few of its games including Killzone, Resistance, Little Big Planet & Uncharted and will hit stores by the end of the year!