Well, Engadget's got their hands on a prototype
of the Sony Ericsson Xperia Play
, otherwise known as the PlayStation Phone. There's no games available for it yet, of course, but you can check out the phone in action using a PSX emulator.
The phone looks to have a 4" screen and be powered by a single-core Qualcomm CPU. 512MB of ram is on board and it's sporting the new Gingerbread OS. As you've seen from past photos, it slides out to reveal a PlayStation button and controller setup, but a missing analog stick is a disappointment to me. Although it is a prototype, the touchpad area looks like a good place to put some analog sticks, so maybe Sony will change their mind and put some physical controls there? Probably not.
Personally, I think they should just call it the PlayStation Phone as I think that brand has a little more power to it than the Xperia. But, we'll see what comes out as this phone will probably be shown off by Sony at MWC in a few weeks.