It wouldn't be what you call a "now or never scenario" because of GDC but, from a PR stand point, stealing some of the 3DS thunder would mean striking asap.
The PSP2 is going to be announced at this event though. Typically, there are signs pointing to a now show the days or hours leading up to a possible PSP2 reveal (i.e. PSP Go details in 2009 or the reports of no PSP2 at the E3 2010 days before). Also, as the name implies, it's a Playstation event which means Sony is going to revealing big Playstation secrets.
I don't really see Kaz pulling the PSP2 out for all to see but, he will probably finally acknowledge the existence of the PSP2 and there will be some suitable discussions about the PSP2 specs, details about SDK availability, etc.
For some reason the latest spec leaks seem right. Maybe, I've just been speculating and dissecting rumors for too long. We'll see.
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