As rumored before, the NGP will indeed be called the "Playstation Vita"; "Vita", as Kaz Hirai explained, means "Life".
Hirai talked of these features of the Vita at the conference:
-dual thumbsticks
-two cameras
-OLED screen
-help players connect with their environment
He explained (to those who didn't already know) that the PS Vita will come in two separate versions: a Wi-Fi only version and a 3G version. For the 3G version, Hirai announced that Sony is partnering with AT&T, which produced a hilariously large number of moans and groans from the audience.
Uncharted: Golden Abyss was then shown; it looks like it has all the makings of an Uncharted title; Vita's hardware allows for some nice graphics. Drake can be controlled traditionally, or with help from the Vita's touch screen.
An RPG called Ruin was then shown.
Finally, a ModNation Racers entry for the Vita was revealed, complete with a pretty incredible track editor that makes full use of the handheld's front touch screen and back touch pad.
Finally, pricing was announced to great applause:
Wi-Fi only version: $250
3G version: $300
Probably cheaper than some people expected.
UPDATE: Details added
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