According to engadget the phone is still in prototype mode and a little buggy, so a 2011 release is probably more likely than this year. However the Playstation phone looks set to be a real gaming Smart Phone. Likely to be shipping with Google’s Android 3.0 operating system and boasting a 1GHz Qualcomm MSM8655 processor with 512MB of RAM and 1GB of ROM, the Playstation Phone will have its own bespoke Playstation Marketplace where you can download games designed for use on the system.
The Phone itself will be a landscape slider with the game pad sliding out where you would normally expect a keyboard on other Smartphones. The gamepad itself looks like it will be based on the PSP and will include shoulder buttons. The one noticeable difference being that the Playstation Phone will sport a long central multi touch touchpad and support for Sony’s Memory Stick will be dropped in favour of the Micro SD standard.
I will of course bring more details as they become available.