This looks great. I can't wait to see the other specs. Despite the promises, I'm doubtful it will be cheap, as they can keep the pricepoint the same and add RAM instead. I'm shocked to see that there's still only one analog control.
I love my PSP, but the only UMD I ever bought was one with an exploit that could be used to load my own firmware. So, the loss of the UMD is no big deal, and will be better for battery life.
But... you know, considering I just like to play with homebrew, instead of getting this I should probably consider a GP2x Wiz (http://www.gp2xstore.com/gp2x-wiz-handheld-linux-game-console.html)
i hope so the specs are better than old ones