Sony will keep making PSP handhelds as long as they keep selling. PSP,1000,PSP 2000,PSP 3000, And PSP Go has sold about 62 million devices since March 2005.
Not to bad for Sony's first Handheld system. So with the NGP and the Sony Xperia phone. The NGP will replace the PSP eventually and Sony will make an announcement that PSP is no longer in production.
As for the Xperia phone Sony will have a lot of catching up to do to catch the iPhone. Which is a different part of the gaming market from the NGP & PSP crowd.
So lets see how that Xperia phone does against Apple's iPhone & Android smartphones already out there, NGP just has to take on the 3DS.
Sony Xperia phone has at lot more contenders to take on. Plus it is a little late to the party..
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