Sony's big event in Tokyo went down last night while most of those in the Americas were sleeping and the big announcement was the official unveiling of the next generation PSP handheld gaming device. Codenamed the NGP for now, this bad boy going to be a beast under the hood: A quad-core ARM Cortex 9 processor, WiFI and 3G data connectivity, GPS, a 5 inch OLED touchscreen, and a rear mounted touchpad are just the beginning of the specs that were shown off at the event.

Five key concepts were given as the platform for the next PSP: Revolutionary User Interface, Social Connectivity, Location-based Entertainment, Converging Real and Virtual (augmented) Reality. A Playstation Move inspired accelerometer and fully capable dual analog sticks will help make this a move fully PS3-like experience, and a touchscreen on the back that lines up exactly with the front screen offers a little something new in game control.

According to those on the scene demos of games like Little Big Planet and Uncharted on the NGC were pretty smooth and looked just as good as their PS3 counterparts. There's even dual cameras and an electronic compass integrated into the device for even more device flexibility. Sony's planning on the NGP being ready for the holiday season of 2011, so you're going to have to be good all year so Santa will drop one of these in your stocking. Hit the Source Link for some demo videos and more from Engadget.