Some new developments:
 
http://www.eurogamer.net/articles/2011-02-04-new-ngp-details-emerge-at-private-event

I'm excited Sony is already talking to developers about this.
But I'm not sure about the:

Sony is also insisting that it 'does not want exactly the same game' on NGP and PS3 -- there 'has to be a reason for the NGP title.' 'They want at least some kind of interactivity between the two versions with NGP-only extras.'"

Like I figured they wouldn't be the same because the NGP's hardware would not support the same level of detail and complexity as the PS3 version. But removing things from the PS3 version and having them only exist on the NGP version of the game is not somewhere I want to see them go with it. Feels like a cheap way to promote the NGP. What would make more sense to me, is having the NGP version allow you to make progress in your game when you're away from the PS3. Or also allow you to access game features and controls on the NGP WHILE playing the game. Like imagine using the NGP like a pip-boy while playing Fallout? They could even sell an option wrist holder and everything. That would be all kinds of crazy awesome.

You know would would be tits though? If NGP gamers could play multiplayer with PS3 gamers in the same game. 

This would sound awesome if it were anything like the digital download add ons that come on DVD and Blu-Rays.  The Idea that I could take call of duty on the road and compete on the PSN on a portable with other gamers rocks,  its when you tell me I have to buy 2 different copies of a game that you lose me.  I guess those that replace their console for an NGP can take advantage, or those that don't mind spending twice for essentially the same thing.

Blu-Ray movies with Digital Download extras... 
 
Hrm... Imagine if the NGP stuff is like that.
 
That would be incredibly sweet.

Sony has to play their hand very carefully with the NGP. Many gamers, including myself, were severely disappointed with the PSP, and while I'm actually much more excited for the NGP than the 3DS, it also has a much better chance to fail than the 3DS, simply because Nintendo is playing it incredibly safe with the 3DS and is going to sell well, no matter what. 
 
This is the kind of move Sony probably shouldn't have done. I mean, I'd love an exact replica of Uncharted 2 on my NGP. Or a game like Gran Turismo 5 would be great on the NGP (pick up a race or so while on the bus). I don't necessarily want a new, fresh experience from it's console brother, especially since it appears that Sony is trying to replicate that exact same experience. I don't want a handheld game on a console, ya know? 
 
Anyways, that's my $.02.

I feel like the games produced for the NGP will ultimately fall into the same type of "meh" category that the PSP games did for me. The PSP just seemed like a portable that tried to be a home console with limited controls. Don't get me wrong, I'm not saying that the PSP didn't have innovative games, I'm just saying that to me the games just seem like inferior "me too" console games. 
 
The DS on the other hand knew it was a portable and it's games fit that meld. Again I'm not saying all PSP games were like this - just to me, from what I've played of the PSP, my reactions were very much along the lines of "I can just play better version of these games or games similar to them on my 360 or PS3". 
 
I also think that there might be a lot of battery life taken away at the expense of the graphics. Having PS3-near graphics on a portable? That is DEFINITELY going to be a massive strain for batteries. My concern isn't really for the length of them, but how fast the actual battery will wear over time. Such horsepower is bound to have a lasting effect. 
 
However, if these concerns are proven false over time, I am guaranteed to buy an NGP when they release the inevitable "slimline" model.