The PS Vita Slim, originally announced last summer in Japan, is 20 percent thinner and 15 percent lighter than the original, sporting a 5-inch LCD screen in place of the OLED display, with a gigabyte of internal storage and an increased battery life.
At this point, the only confirmed way to purchase the slim Vita model in North America is through the Borderlands 2 Limited Edition PlayStation Vita Bundle -- which includes the new Vita, Borderlands 2 with six DLC expansion packs and an 8GB memory card -- though a standalone purchase will presumably be available as well. The bundle will cost $199.99, which is currently the cost of the original Vita on its own.
Borderlands 2 will release for PS Vita on March 18.
The new Vita model is already available in Japan and Europe. Be sure to check out the North American announcement video above, which includes clips of upcoming Vita titles.