There’s a rumor that PSP2 would be released and there are even some specs, but it’s mostly probable that this will only remain a rumor for some time. The specs look like this: brighter screen, visual battery display, Firmware 4.07, built of metal and ruggedized rubber built, dual analog controllers, a flash drive with 8GB capacity, Wi-fi 802.11a/b/g and Bluetooth 2.0, with A2DP and AVRCP.

The PSP2 should be named cobalt and here are some photos.