Good news for handheld gaming fans, as the FAA has fully approved use of what they deem "Personal Electronic Devices" during the duration of flight. This change is currently going in to effect, and the FAA is providing implementation guidelines to airlines as of this writing.
This news follows roughly a month after The Verge reported that an FAA panel was recommending loosening restrictions on electronic devices on flights. The press release states that passengers will be able to use devices such as tablets, e-readers, and gaming devices. There are some restrictions mentioned, "Electronic items, books and magazines, must be held or put in the seat back pocket during the actual takeoff and landing roll" the release states.
Mobile phones will have to remain in Airplane Mode during the duration of a flight, but passengers can connect these devices to wireless service, if their airline supplies it. The FAA document reveals that mobile phones, "cannot be used for voice communications based on FCC regulations that prohibit any airborne calls using cell phones."