About 6 months ago, I heard that a PSP mobile would be published in 2008 Q1-Q2. Now it looks like that concept won't be announced so early, but on the other way they already have a lot of information about how the PSP mobile will be, so I guess it's possible that it will come out at the end of 2008, or maybe 2009. It will be mostly called a phone with game abilities, and the graphics won't be so much different than the current PSP. The only new thing will be the phoning possibility.
View PSP Mobile here! (new window)
I'm quite disappointed that it will ONLY have a 3.2 Mpix camera, which my current mobile also has.