In reality it probably wont be able to match the PS3but it should look close enough on the small screen. The specs looks wonderful and this SHOULD be a killer device. However the PSP should have been a killer device and ended up being a huge disappointment, at least for me. The games just didn't have that pick up and go quality that I find necessary for portable gaming, not to mention the PS Network store still seems stuck in 2006 to me. I should be able to hookup to any wifi spot and start downloading movies, trailers , music and games in only a few second. I want this device for the hardware but I have a strong feeling 3DS v PSP2 is going to turn out exactly like DS v PSP.
As for price I'll put my wager on at minimum 299, but very likely 399.
I thought the PSP was pretty astonishing for its time, in terms of what it could do graphically - it really did feel like a full console that you could take with you. But my chief problem with it was the screen - I could really only see it well enough to play indoors, and even inside it's only at its best in a dim room. Which makes no sense at all for a portable device.
I realize the PSP 3000 may have improved it (I have a PSP 2000, collecting dust at the moment) but that screen brightness was a major negative for me.