I'll make a wild guess that they'll ditch UMD for PSP2.

maybe for PSN/PSP download titles, probably not UMD.

Good Job Nikkom.  Love it!

I hope this isn't too big, or at least not ipad size. I'm still excited to hear more about this.

People owning just UMD titles will be screwed...

Touchpad on the back of the PSP2? Wow that is a very interesting concept, and if done right, it can work a lot smoother than the Nintendo 3DS Touch Screen, you'll be able to do more at once and such. Glad Sony didn't just completely steal their idea, they at least came up with something original.

Its almost guaranteed to be HD and at least 720P, so I'm not worried about that. I just wanna know the graphical capabilities and if it has Analog Sticks, they'd get a bigger fanbase if it were Shooter friendly. The bigger screen is also a plus, I was expecting that anyway...the PSP2 has a lot of potential...lets see how things go.

is it like this ?

The touch screen on the back looks so extremely awkward.  How the heck would you hold it while trying to touch the back at the same time?  How hard would it be to correctly interact with things that require a quick response?

Graphics between Wii and Xbox 360

Support for 720p H.264/AVC video - though probably not @ 17-24Mbps

DRM up the wazoo - they got pirated the crap out of with PSP

Also functions as a Sony Ericsson Smartphone - hopefully supported by Att, Verizon and T-mobile

Dedicated App Store

ive always liked the look of that psp concept art, wish it would look something like that..... if all what i just read is true, then im most definitely getting a psp2.. cant wait