Looks like all that hubbub about the PSPgo sporting a souped up 480MHz processor was for naught. According to a report from Engadget Japan, citing a Sony Computer Entertainment representative, the much-publicized reference of 480MHz in an FCC filing pertains to the clock frequency of the USB component, not the CPU chip.
In a nutshell, the $249.99 PSPgo is largely the same handheld that debuted nearly five years ago, just in a more compact and admittedly sexy shell that does away with UMD, adding 16GB of built-in flash memory in its place, along with Bluetooth capabilities. Glad that's settled.