Sony Computer Entertainment Inc. (SCE) today announced PlayStation Vita (PS Vita) (PCH-1000 series) as the official platform name for the next generation portable entertainment system (codename: NGP). Wi-Fi model will be available for 24,980 yen (including tax) in Japan, $249 in US and euro 249 in Europe, 3G/Wi-Fi model will be available for 29,980 yen (including tax) in Japan, $299 in US and euro 299 in Europe and successively launch in global market starting the end of 2011.
This device offer 5-inch multi-touch organic light emitting diode (OLED) as the front display and a unique multi-touch pad on the rear. Two analog sticks enable a wider range of game genres.
Source:- PlayStation Blog