A new reputation system will be included, one "in which users will be able to evaluate each other will be provided for… game applications. There will be a new API available to so the user can… allow users and also obtain users’ reputation.”
Also included is a "grief reporting system" which allow gamers to take screenshots during gameplay of "offensive" players. The pics can then be directly sent to Sony.
If the rumor is true, another notable upgrade will be the ability to download patches in the background during gameplay. Audiophiles in the crowd will also enjoy being able to simultaneously "output HDMI and digital optical."
As is standard PR (See: PSP Go!), Sony has called the rumors "completely untrue" and "wild speculation.”