Sony (NYSE:SNE) unveiled the PlayStation Vita, its next generation portable gaming machine at a press conference in Los Angeles yesterday. Executives believe the device, which will go on sale before the winter holidays, will be Sony’s biggest product launch since the PlayStation 3. The device will allow gamers to be connected over cellphone networks and Wi-Fi hotspots and will use GPS location-tracking technology. Sony will partner with AT&T (NYSE:T) in the U.S. for cellphone service. Sony will also put PlayStation games onto smartphones that run on the Android (NASDAQ:GOOG) operating system. The device will cost $250 when it arrives later this year in the U.S. PlayStation Vita will compete with Apple's (NASDAQ:AAPL) entry-level iPod touch, which costs $229. Sony has lost "considerable" share to Apple in the mobile gaming market.