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Soundwave said:

I just don't buy it. 

You can't get 1 TFLOP+ (FP32) performance in a sub-15 watt power envelope (including your LCD display). 

Not yet. Maybe in 2-3 years. The die shrink new PS4 and XB1 Slim models at 16nm still consume 70 watts+ when running games. 

Not to mention memory bandwidth as a huge problem too ... the PS4 has 176GB/sec of bandwidth ... the best you can get in portable products right now is 50GB/sec. You can't just magically have PS4 games run with 1/3 the memory bandwidth even if you could by some miracle get a mobile processor that can run x86 code at 1.8 TFLOP. 

I agree, PS4 performance in a (normal sized) handheld ain't possible yet. PS3 performance on the other hand should be possible.

So if Sony should offer a new handheld like this, I would buy it even without exclusive content:

  • based on the PS4 architecture, even with less performance
  • performance in the PS3 area
  • weight and size between Vita and Switch
  • all buttons of a dualshock controller included
  • 720p or 1080p display
  • fully compatible to the Vita (including PS1 + PSP compatibility)
  • many emulated PS2 games (cross-buy or cheaper, if you already have the digital PS2 version)
  • many ported PS3 titles (cross-buy or cheaper, if you already have the digital PS3 version)
  • compatible to less demanding PS4 games (cross-buy, so free if you already have the digital PS4 version)

It would be a PlayStation handheld, that could play most PS1, PS2, PS3, PSP and Vita titles and some less demanding PS4 titles (so most PS4 games included in PS+). Vita games that already support 720p on PS TV would use the higher resolution and the emulator could render PS1, PS2 and PSP games in higher resolutions.