While the PSP sold well, software wise the platform hasn’t been preforming well at all. Some blame piracy, but it’s hard to say. With the NGP, Sony plans on reviving some of these titles for a new audience.
We already know about Sony’s plans on the digital level for it, allowing certain PSP titles to be downloaded, but they also plan to do so via retailers as well. PSP titles will be re-released on standard NGP cards. Whether or not the retail versions will have any enhancements over the downloadable versions hasn’t been said.
The NGP lacks a UMD slot. So, like with the PSPgo, you most likely will have to keep those to your current PSP. Sony said they’re looking into options for transferring UMDs to digital content, but still have no answers for fans at the moment.