Sony will release a re-designed PSP in US sometime in September. The new PSP will be smaller and lighter than the version out now. Some buttons and the memorycard slot is moved, so are the speakers. The UMD will load faster and the internal memory is double from 32 MB to 64 MB. There is also a new TV-out so you can show pictures, movies and gameplay on your TV set. But you have to buy the cable seperatly.
For more info, look at GameSpot.com (it’s also the place I got these pictures from).