One of the photos includes a picture of the word "Z-system" at a top menu while the phone is on. Sony Ericsson has a trademark on "Z-system" and it appears to be in relation to "software for interacting or playing with electronic or video games", which makes Androinica believe "that Z-System is the name of the platform and not the device."
- 1GHz Qualcomm MSM 8655 CPU
- 512MB RAM 1GB ROM
- Android Gingerbread likely
- microSD card support
- 3.7"-4.1" screen
- familiar PlayStation button setup (including shoulder buttons)
MobileCrunch comments that the phone's "ergonomics may be pretty similar to the PSP Go, though, since they appear to be very much alike in shape", with both featuring a slide-out screen and similar looking keypads.
Regarding a release date, Engadget writes that a 2010 release date is still possible, but 2011 is looking more and more likely.
Head on over to Engadget for a look at more photos of the device.
Images from Engadget