It will have relatively the same battery life, just a smaller battery. You need to put in an old battery for more life. And doubling the RAM will make a difference, but if I had to say it will prolly just be a 20% improvement. The PSP and DS were extremely close until the DS Lite came out, the PSRe is just an attempt to gain some ground. Anyways a bunch of flaws are fixed, and I think that the new one will be much better, I just wish I had the money to buy one.
A PSP2 is inevitable. A PSP2 may already be in the works. But it won't come out any time soon. For the most part, portables have a much longer lifespan than consoles, take the GBA for example, it had three iterations, but was still selling strong after 5 years.
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