There wont be direct competition. I think that portable gaming is gonna get more important not as dedicated activity but more as a way to extend the play time (engagement) of home console players. Its gonna be more like: Play 2 missions RDR2 on home console and the next missions on portabel PSP on the go. Nintendo nor Sony cant afford to have separate teams only for handheld gaming, and people want to play the same games on home consoles as on the go (Fortnite).
I hope Sony is going to descontinue PS4 and relase a portable PS4 with hdmi output. So from the begginnig you will be able to play all your PS4 games. If they can make scalebale software you will be able to play many cross gen games as well. This would be enough for the next 3-4 years untill the 5g will take off and you will be able to stream all games on the go
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