Sony has formally announced their next portable PlayStation device, but it's not what you'd expect. Rather than a handheld console like the Nintendo Switch that runs games locally, the PlayStation Portal runs games off of your PS5. It connects to your PS5 over WiFi to stream games directly to the console.
Sony has released portable consoles before, in the PlayStation Portable (PSP), and the PlayStation Vita. The difference between those and the Portal is that they actually ran the games. The PSP and PSVita had exclusive games respectively, unlike the Portal.
The PlayStation Portal is equipped with an 8-inch 1080p 60Hz touchscreen, in between what is esentially a DualSense controller chopped in half. You get all the same controls, including the adaptive triggers and haptic feedback. Even the touchpad is there, in the form of a digital touchpad in the bottom corners of the touchscreen.
Notably, the PlayStation Portal cannot run anything on it's own. The Logitech G Cloud, for example, is very similarly a streaming-focused console. Contrary to the PlayStationPortal, it can actually run Android apps on it's own. As far as we know, the Portal runs a custom OS that restricts it to Remote Play only. It doesn't even support Bluetooth, only PlayStation Link (which I'll talk about shortly).
The market for the PlayStation Portal is slim. A $200 device that only plays games through Remote Play from your PS5 is a tough sell. Since you need a PS5, total cost of ownership for this is $700. You can't just buy a PlayStation Portal for your kid who asked for a PlayStation. You'd also need to get a PS5. Those who have a PS5 likely also have a smartphone. With a $100 controller (PlayStation licensed, too), you can achieve the same experience using an iPhone or Android Phone.
Other Announcements
Sony also announced two other devices today. The Pulse Explore wirless earbuds, and the Pulse Elite wireless headset. The Pulse Explore is in a brand new PlayStation-branded category, however there have been other headsets similar to the Pulse Elite.
I'll start with the Pulse Explore. These are wireless earbuds (with a charging case, of course), that use either a USB dongle or Bluetooth to connect. They can do both simultaneously. The USB is required for use on a PS5 console. As far as I'm aware, you do not need the dongle for PlayStation Portal, as PlayStation Link is built in. You can use Bluetooth on any other device. The PlayStation Link adapter will reportedly be sold separately, however the price is unknown.
Sony also announced the Pulse Elite headset. It is unkown if it will replace the current Pulse 3D headset, however with price differences and feature differences it appears that they will be sold alongside each other. The Pulse Elite headset features a new retractable microphone on the left earcup, as well as a new a new charging dock hanger that connects on the headband. It has the same connectivity options as the Pulse Explore earbuds.
The purpose of PlayStation Link is to offer lower latency than Bluetooth while also having a high quality microphone. Low latency is especially important while playing games, as mere miliseconds could be the difference between winning and losing. Sound is a big part of gaming, and even a fraction of a second in latency can be extremely noticable.
Another thing that both devices share is new planar magnetic drivers. Rather than just having one large magnetic coil, planar magnetics have one long magnetic wire. They are more sensitive than a standard "dynamic" driver, however with the downside of being much larger. Bloom Audio did a much better job explaining that than I did here. TL;DR, planar magnetic technology leads to better sound audio. This is extremely uncommon, as it is much more expensive than a normal driver. Even more so in earbuds, with the Pulse Explore being one of the first consumer earbuds to feature planar magnetic drivers.
Planar magnetic technology does not come cheap, and neither do the Pulse device announced. The Pulse Explore earbuds cost $200 in the US (the same as the Portal!), and the Pulse Elite headset costs a much more reasonable $150. A launch date is currently unkown, as with the PlayStation Portal.
To recap, Sony announced the PlayStation Portal, a handheld Remote Play device costing $200, the Pulse Explore, $200 wireless earbuds, and the Pulse Elite, a $150 wireless headset. There is more of a market for the Pulse devices announced, as they are reasonably priced for gaming audio tech. The PlayStation Portal is a much harder buy for most people, doing the same thing a phone can with a $100 accessory.