With its name change, the device’s specs is pretty much the same (specs below). It also features a very neat party system similar to xbox live where you can basically voice chat with your party members in any game via headset or the built in microphone of the device. It also supports backward compatibility of all previous PSP games.

Price was also confirmed and for me is very competitive. $249 for the WIFI model and $299 for models with both WIFI and 3G.

Playstation Vita
Playstation Vita

Here are the detailed specs of the device.

Platform Name
PlayStation®Vita
Model number
PCH-1000 series
CPU
ARM® Cortex™-A9 core (4 core)
GPU
SGX543MP4+
External Dimensions
Approx. 182.0 x 18.6 x 83.5mm (width x height x depth) (tentative, excludes largest projection)
Screen
(Touch screen)
5 inches (16:9), 960 x 544, Approx. 16 million colors, OLED
Multi touch screen (capacitive type)
Rear touch pad
Multi touch pad (capacitive type)
Cameras
Front camera, Rear camera
Frame rate : 120fps@320×240(QVGA), 60fps@640×480(VGA)
Resolution : Up to 640×480(VGA)
Sound
Built-in stereo speakers
Built-in microphone
Sensors
Six-axis motion sensing system (three-axis gyroscope, three-axis accelerometer), Three-axis electronic compass
Location
Built-in GPS (3G/Wi-Fi model only)
Wi-Fi location service support
Keys/Switches
PS button
Power button
Directional buttons (Up/Down/Right/Left)
Action buttons (Triangle, Circle, Cross, Square)
Shoulder buttons (Right/Left)
Right stick, Left stick
START button, SELECT button
Volume buttons (+/-)
Wireless communications
Mobile network connectivity  (3G/Wi-Fi model only)
IEEE 802.11b/g/n (n = 1×1)(Wi-Fi) (Infrastructure mode/Ad-hoc mode)
Bluetooth® 2.1+EDR (A2DP/AVRCP/HSP)
Slots/Ports
PlayStation®Vita card slot
Memory card slot
SIM card slot (3G/Wi-Fi model only)
Multi-use port (for USB data communication, DC IN, Audio [Stereo Out / Mono In], Serial data communication),
Headset jack (Stereo mini jack) (for Audio [Stereo Out / Mono In])
Accessory port
Power
Built-In Lithium-ion Battery,
AC adaptor
Supported
AV content
format
Music
-MP3 MPEG-1/2 Audio Layer 3, MP4 (MPEG-4 AAC), WAVE (Linear PCM)
Videos
-MPEG-4 Simple Profile (AAC), H.264/MPEG-4 AVC Hi/Main/Baseline Profile (AAC)
Photos
-JPEG (Exif 2.2.1), TIFF, BMP, GIF, PNG