PSP2 Will Pack More Horses Than Xbox 360

Sony's rumored PSP2 will supposedly pack more horses and RAM than Microsoft's Xbox 360 stable.

As if to completely annihilate any theories that the PSP2 and PlayStation Phone could be the same device, new rumors have surfaced indicating that the PSP2 will pack more  processing power than Microsoft's current Xbox 360.

There's good reason why the PSP2 is a hot topic--it could pose as a serious threat to Apple's iOS platform. As reported Thursday, the PSP platform is backed by Sony's PlayStation Network service offering games, movies, and television shows. The only thing it lacks is music, productive apps, and a device that can access the store anywhere.
Friday's rumors surrounding the PSP2 centers on three factors--that it won't feature a UMD drive (even though Sony said it wasn't abandoning the format), the device's alleged codename "Veta," and hardware specs that will supposedly rival the Xbox 360 console in terms of pure processing.
As a comparison, the PSPgo and PSP 3000 use a MIPS R4000 CPU clocked up to 333 MHz and a mere 64 MB of RAM. The Xbox 360 features a 3.2 GHz CPU and 512 MB of RAM. The upcoming PSP 2 handheld will supposedly feature 1 GB of RAM-- that's just insane when compared to the previous model's specs.
Right now Sony is supposedly deciding over how PSP2 owners will store games. Without a UMD drive, the install load should be massive at best-- single layer UMD discs contain 900 MB whereas the dual layer discs contain 1.8 GB. New PSP2 games should require significantly more storage space, possibly around 5 GB or more (that's a guess). There also needs to be room for movies, TV shows, digital comics and whatever else Sony plans to throw on the PlayStation Network.
Could the PSP2 and PlayStation Phone still be the same device? At this point it's still possible. The phone is slated to feature a 1 GHz Qualcomm CP

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U, 512 MB of RAM, 1 GB of internal storage, and an HD-capable screen ranging from 3.7 to 4.1-inches. The lack of a UMD actually works in this theory's favor, however the CPU aspect just doesn't pan out, especially if the new Sony unit will surpass the Xbox 360.
Then again, there are reports that two form factors were shown during the Tokyo Game Show. Perhaps Sony plans to offer two versions with the same base smartphone features--one that plays the new PSP2 games (long form factor) and one that doesn't (slide-out form factor), offering only "minis" on the gaming side.
Still, if the PSP2/PSPhone device is more powerful than the Xbox 360, wouldn't that diminish the value of Sony's other platform, the PlayStation 3? Where's Mystery, Inc. when we need them? Jinkies!