The latest word going around about Sony's next-gen handheld is that it's set to be called the PlayStation Vita. Vita means "life" in Italian, indicating at the NGP's lifestyle features, from social connectivity to cloud gaming.
It's all still rumours, but it looks like the domain name PSVita.com has been registered by NetNames Ltd. NetNames Ltd is also the technical service for PSP.com which is registered to Sony Computer Entertainment Europe.
However, according to Digital Trends, Vita is a codename used for the NGP. We'll find out more about this mystery come E3. Sony's got a lot planned for their presser.
Source: Dual Pixels