The new PSP will be priced at €99 ($143). However, that price does not come without sacrifice. The new model will not have Wi-Fi capabilities unlike other PSP models. As far as physical design goes, it also looks a little different, like a sort of cross between the 3000 model and the GO. Aside from the fact that it will be Wi-Fi-less, it will still retain the rest of the PSP features.
There is no specific release date yet and will not be launching in North America.