Cue retail confusion in pronouncing the name. If its based on the Italian for "life" it should be pronounced "VEE-tah" but we'll get "vai-tah." It's going to take some intense branding effort on Sony's part to get people to say it right. Downright Nintendo Wii levels.
I read the the name at first PS Vista - then it reminded me urghh how about just name it PSP2. I know why they don't want to have a '2' in there because some marketing analysts would say the the '2' looks weak against the '3' in 3DS, but come on Sony. You can do better!
I think there's no chance they'll go with something that vague and fruity. Given the PlayStation nomenclature so far, PS Move, PS Portable, PS Store, PS Network, they're gonna keep it simple, direct and obvious. I think it will just be called PlayStation Touch (PST).
It was never going to be NGP just like PS2 wasn't NGPS.
Personally, I really doubt they would remove "Portable" so if its not the expected PSP2 I would expect PSP Something and not just PS Something. Super PSP, PS3P, PSP2, PSP Vita...whatever but keeping "Portable".