Sony has confirmed that the new Next Generation Portable console is now known as PlayStation Vita, with the standard WiFi model costing $249 (£223 / €249).
The 3G plus Wi-Fi model will retail for $299 (£268 / €299). Sony has not yet confirmed a solid release date beyond "holiday season."
Unveiling the name at E3 in Los Angeles today, Sony boss Kaz Hirai said the handheld will be supported by AT&T as the exclusive carrier in the US - a decision that drew jeers from the crowd.
"What you've come to know as NGP is officially known as PlayStation Vita," he announced.
"So, what does Vita mean? Vita means life, and we're confident that PlayStation Vita will be the first product that truly blurs those lines between PlayStation entertainment and your real life."
He also touched on some new social features for the system, named Near and Party Room, which make use of Trophies and chat functionality.
LittleBigPlanet, Uncharted, ModNation Racers, Street Fighter X Tekken and new IP Ruin were shown running on the system, the latter demonstrating cross platform functionality with the PlayStation 3.