Sony's next generation handheld system previously codenamed NGP, finally nas a new name: Playstation Vita. Vita means life in Latin. 

The handhelds, revealed in its pre-E3 press conference Monday, is priced at $249 for Wifi version and $299 for 3G version, and expected to hit stores by Christmas.

Playstation Vita is to be a revolutionary combination of rich gaming and social connectivity within a real world context.

According to Sony's Playstation blog, ...It was vital to make a device that was an extension of a user's entertainment world, no matter where one would go.

For its communications, Sony has partnered with AT&T to be its exclusive service provider for PS Vita in the United States.

PS Vita's launch features new titles including UNCHARTED: Golden Abyss, LittleBigPlanet, and Ruin (working title), which utilize PS Vita's technology to make interactive and social game play available on-the-go.

Sony also announced a new 3D display package under PlayStation. Retailing at $499, the 24-inch display comes with a set of 3D glasses, a 6-foot HDMI cable, and a copy of the upcoming Resistance 3.  The company hopes this will help consumers who are uneasy about 3D gaming to embrace it more.