I'd like it to be small handheld like Vita (maybe even arm-based) with own games to easy carry it around everyday and with ability to play PS games remotely, but unfortunately it will likely be as other handhelds with x86 chip for games compatibility..
A recent report from Bloomberg claimed that Sony is currently working on a PlayStation gaming handheld that can locally play PS5 games, and this report has now been backed up by Digital Foundry.