Due out some time this March, the phone is said to be launching with 50 downloadable titles,the ability to play PSN games, and eventually be able to host original PlayStation titles. Sony's Kazuo Hirai has said that the phone will come pre-installed with a "legendary PS One title." I'm betting Final Fantasy VII or maybe Crash Bandicoot? The Xperia Play will also come with Asphalt Adrenaline 6, Bruce Lee, Star Battalion, The Sims 3, and Tetris already on it.
EA's FIFA series and the Android version of Dead Space are also said to be available at launch for download. The phone is capable of utilizing Epic's Unreal Engine. Sony is also partnering with Unity Technologies to bring their Unity Engine to the Xperia Play. Approximately 350,000 games exist that utilize this engine, and this tech would let those titles to be ported to the device.
All this being said, Sony you have my attention for the moment. I'm interested in a hand-held gaming device that wouldn't require me to carry more stuff around. That being said I'm a little reluctant to get a phone that has no physical keyboard and if the N-Gage did anything it's made me wary of phones that try to play big boy games.
Other stats:
-60 frames-per-second via the Snapdragon 1Ghz processor
-Adreno 205 graphical processor
-4-inch multi-touch display
-Four-way d-pad
-Alphabetical keys
-Left and right shoulder buttons
-Dual analog touch pads to mimic analog sticks
-5.0 megapixel camera
Here is a link to the Sony Ericsson press release. Xperia Play Press Release