The wizarding world of LEGO was one of the weaker effects from Traveller's Tales, albeit far better than either iteration of LEGO Indiana Jones. Considering the series was founded with a source of magic (the Force), you'd think "real" magic would have transitioned nicely, but it seemed to make the environments overcomplicated. It's hard to enjoy interacting with what's around you when you don't know what to interact with in the first place.
Notably, the press release also promises a NGP version of LEGO Harry Potter: Years 5-7. The press release doesn't make any mention of that as a codename, either. Much of Sony's PSP successor remains a secret, but it's expected the company's E3 press conference will solve many of our questions.
LEGO Harry Potter: Years 5-7 arrives sometime this holiday season.