Yeah but the Xperia Play is a big dissapointment.
It could've been the "Nexus S x iPhone4" killer. But instead it became an "Xperia" instead of a "PlayStation" or a "Sony Ericson" instead of "Sony".

The Sony NGP (aka PSP2) looks very very promising though.

In case there are Sony representatives reading these forums:
Sony, here's what you do, take those great cues from the NGP and apply it to the pitiful Xperia Play and what you get is.... The PlayStation Phone!

Have the PSPhone half the screen resolution of the PSP2 (1600x960 instead of 960x544), and thus needing half the processing power (at games), which means more battery life for other things (like phoning, gps etc).

1) Have beefier specs (800x480 screen, (min)1.2GHz Cortex A8, SGX540, 1GB RAM)
2) Replace the multi-touchpad with dual joysticks from the NGP
3) Include a miniHDMI out between the shoulder buttons

4) Have 4 shoulder buttons (where in Android, the two left's act as volume(up + down), then a customizable one, then the far right is dedicated camera button)
5) Include a larger >1799mAh removable battery
6) Make it more squarish for better hand-grip

7) Move the power button to the left and make it larger
8) Have the back panel come out more comfortably (perhaps like the Captivate)
9) Change name to "The Playstation Phone"

10) Sell the damn thing!