They are working on a portable XBox, not an XBox 720. Sony is making a PS4. And if you mean the PSP 3000 then that's already out, I've had one since October 16th, but there is a PSP 4000 in the works, it will (supposedly) run on a nuclear battery, and will have a better connection with your modems.
Are you serious? That sounds oddly like something Batman would develop. Hold on...