It appears as if Sony is not going to let the Nintendo 3DS steal the show. Sony is expected to release the PSP2 within Q4 this year, possibly as early as October, and the first announcement is expected to be made January 27th.
Sony is expected to release more information at GDC and E3, after the January 27th event. MCV reports there will be plenty downloadable content, smaller games and apps will be available via PSN. MCV also reports the PlayStation phone will be unveiled at the Mobile World Congress in Barcelona, and it will only be capable of running smaller games. (via greenpois0n )