Putting an end to months of the system being alternately called the PSP2 and the NGP (Next Generation Portable), Sony has officially dubbed their new tiny powerhouse the PS Vita.

Later this year, the PS Vita will be available in two flavors: WiFi only and 3G WiFi. The Wifi only model will retail for a rather reasonable $249 in North America, while the 3G version will retail for $299. Given the horsepower under the hood, to bring this unit to market at the same price as the Nintendo 3DS is truly an accomplishment for Sony and be a serious, serious competitor to Nintendo’s handheld domination.

There was a lot of talk about games, but it was more about big Sony names coming to the device, rather that a special slate of launch titles. LittleBigPlanet, Uncharted, Wipeout and ModNationRacers were just some of the franchises that will be coming to the system. All told, a good debut, and we’re looking forward to getting some hands on time and seeing what Sony’s hype is all about.