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I think a 2nd redesign would be likely before a completely new handheld console, and i think they will wait until either a blu ray version of umd is viable or large capacity cartridges are cheap.

Technology is what gives psp any advantage over the ds, if they dont have something technologicaly more advanced people wont switch to the new console they release.

That being said i do look forward to seeing what they bring out but i think it can be more then 3 years until we see that