An interesting thread started by Mathieulh indicates custom fw 3.80 M33 is in the works. Furthermore, the possibility of a 3rd generation PSP model could be under development too… Have a read:

While working on the future 3.80M33, we found a VERY interesting string in the IPL’s playload: “/kd/pspbtcnf_03g.bin”

For those who do not understand here is a bit of history:

since 2.71 and especially in 2.80, we could see a string refering to pspbtcnf_02g which suggested the support of a new hardware or at least of a new operative mode. Later with the slim release we found out that the slim’s codename was this infamous 02g (proably standing for second generation) and that it used the _02g modules as well as pspbtcnf_02g.bin. It means that they worked on slim firmware/kernel for months before the actual hardware was announced/released.

We believe it is the same with the 3rd generation hardware which they are now preparing for sure. Will it be yet another lighter (and pandora proof) psp or will it be the new psp phone? Time will tell..