UPDATE: The new model will be called the PSP E-1000, according to the PlayStation Blog, and has a matte charcoal finish.
While it has no wi-fi, you'll still be able to buy downloadable games from the PlayStation Store via Media Go.
See below for images of the revamped portable.
ORIGINAL STORY: Sony has announced it's bringing out a budget 99 PSP model.
The detail-light Gamescom announcement didn't mention a name or exact release date, only stating that the system "plays all possible PSP games", suggesting it's UMD-friendly. It'll have no wi-fi and be on sale some time this Autumn.
We'll update when additional information comes in.
Sony also announced that the PSP line has now shipped over 71 million units worldwide during its lifetime