PSP details straight from Ken Kutaragi

[Perfect Stu]

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....On the PSP

The PSP is built from completely new processor technology, making it capable of smooth graphics that can even outclass the PlayStation 2, as well as three-dimensional sound. To that we added Memory Stick support, letting users enjoy applications beyond video games. We are also using the UMD (Universal Media Disc) format. This format easily stands up to the cutting edge of media design; it can hold 1.8 gigabytes, three times what a CD can hold, and it can store two hours of DVD-quality video. Since our E3 announcement, we have received strong declarations of support from many developers and publishers, and the security system we are introducing to the PSP has attracted serious attention from the movie industry. We at the Sony Group want to continue developing the system in assorted areas with all of this content in mind.