[Perfect Stu]

from IGN:

First, some PSP specs. The system is 170mm long, 74 mm wide, and features a 16:9 aspect ratio widescreen 4.3" display. The screen itself is a high-quality TFT running at full color (16.77 million colors) at a 480x272 resolution. The PSP packs 32 MB of main memory as well as 4 MB of DRAM, along with a wireless port, USB, and a rechargable Lithium Ion battery good for 10 hours of play time.
PSP games and media will use the Universal Media Disc format, a compact, high-capacity optical disc capable of holding 1.8 GB of data.

The PSP is set to debut in North America in spring 2005.

The biggest news of all, though, are the titles shown in the conference. None of these are absolutely official, but here's what we heard about or saw:

Ape Escape
Dynasty Warriors
F1 Racing
Medieval
Metal Gear Solid
NBA Street
Need for Speed Underground
NFL Street
Tiger Woods
Tony Hawk Pro Skater
Twisted Metal
Wipeout
In addition, by way of demonstrating the PSP's movie playback capabilities, a clip of Final Fantasy VII: Advent Children was shown playing on the system. This suggests that the Final Fantasy film sequel may be released on the PSP's UMD format. Look for more details very soon as more official specs, titles, and media roll in.