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With the history of how Nintendo and Sony estimate performance, I would expect the PSP2's battery life to be 3 hours while the 3DS's will probably be closer to 6 to 8 hours; Nintendo's estimates tend to be based on "real world" usage while Sony tends to report their best case scenarios.

With that said, with this system announced I would expect it to be released later than people think (mid 2012), cost more than people are currently imagining ($350 to $500), or for Sony to be hemorrhaging money from hardware losses; and (potentially) some combination of the three.