Answer: As long as the PSPhone doesn't bomb.
The PlayStation phone has been leaked and re-leaked and discussed ad nauseum over the last few hours. And there's reason to be excited- an Android smartphone with a sliding Gamepad and (presumable) access / interaction with your PlayStation would be a potent product.
But reading this article at PocketGamer makes me think that this phone is just the beginning. Plenty of other smartphone makers are gearing up to launch tablets- why not Sony Ericsson?
Tegra 2 devices (which will mostly be ultralights/slates) will be capable of a different level of gaming. With a dual-core tablet packing a gig or two of RAM you would have a console-quality gaming experience right in front of your face. The PlayStation tablet could be a full-touchscreen tablet, or we may see a smaller 7" device with a built-in controller.
The power and battery life of a slate-style PC would give us a multi-use mobile device with the ability to handle console-level graphics and online gaming. I don't want to spin too far out here though- the PlayStation tablet depends utterly on one thing:
The success of the PlayStation Phone. And that will really depend on the quality of the games Sony has at launch. The Android Market isn't light on games, but it still can't hold a candle to the App Store. The PlayStation library would give this PSPhone a chance (maybe the only chance) at going toe-to-toe with iOS gaming.
I'd imagine that a dual-core 1 GHz tablet with 1-2 GB of RAM would be able to handle some modern PS3 titles. But that's just speculation.