Gamespot's translation. The device will be "part of the PlayStation or PSP series and their peripherals." Considering the PS3's 10-year life cycle, we're not expecting its successor any time soon.
As for the PSP, there've been rumors recently regarding a PSP-2 of some description. This could be it, or it could just be yet another iteration of the PSP: an incremental upgrade, the PSP-4000, which could be arriving later this year, if Eurogamer's sources are to be believed. Alternatively, this "new device" could be something completely ... new. The long-rumored PSPhone, perhaps?
Regardless of what it is, it's comforting to know that Sony's got something cooking behind the scenes. We look forward to finding out more, but suspect it may be a while before we do.