The financial publication cites sources familiar with the matter who say the event on February 20 will debut the new console. Sony will reportedly incorporate more social gaming aspects into the device and was driven in its design by how people interact with the unit, rather than by hardware upgrades.
The WSJ also mentions that Sony had considered removing the optical disk drive to make the device download only. However, and this is merely speculation on our part, this idea was dropped when company execs were visited by the ghost of the PSP Go.
So, there you go, next PlayStation being announced February 20.