Apparently PSPlife has been given a few details about the PSP successor. Their source has told them that the PSP 2 will be launching this fall in Japan (with PAL/NA unconfirmed). It will also be launched alongside a Playstation Phone, with both devices sharing a "app store". The PSP 2 will apparently have a capacitative touchscreen and tilt/motion sensors. The PSP 2 will also be rocking the PowerVR SGX543 graphical chipset.
It is also reported that Ready at Dawn is working on a launch title for the PSP 2. Also the PSP 2 will not be shipping with a UMD drive and that games will be sold as carts/memorysticks of some kind. Source
If this rumour is true then the PSP 2 will have a GPU which is halfway between the Xbox 360 Xenos and the original XBox. This means that with the PSP 2 lower resolution, the graphics will look comparable to the XBox 360.
http://www.psu.com/forums/showthread.php?t=232703
