Sony isn't interested in ditching older hardware simply because updated versions arrive.
Lest we forget, the PS2 was going strong until just last year, which means it continued on for four years (so far) beyond the launch of the PS3. Therefore, you shouldn't expect the PSP to disappear when the new portable – currently dubbed the Next Generation Portable – hits store shelves. President of Sony Computer Entertainment worldwide studios Shuhei Yoshida told Edge that the NGP and PSP will coexist in the market. He says it just wouldn't make any sort of business sense to kill off the original PSP because currently, Sony is "struggling" to meet rising consumer demand.
"The NGP features everything Sony can and wants to do today. It's a platform looking forward with great ambition. It can't replace a platform that has already been on sale for seven years now. In terms of pricing, we can't sell the NGP for the same price as a PSP. The PSP has become very affordable and popular, especially with younger generations.
I think the NGP needs time to mature and get adopted by users. So, for the time being, both platforms will coexist."
Makes perfect sense to us. The PSP might be a gateway to the NGP for later adopters, anyway. For our part, we're just psyched to see that new handheld; it looks to be a beast of a device, and it's all sorts of cutting-edge. Leave it to Sony.