I was close...
..The NX will be a single package handheld docking system with a pro style controller.
Handheld on Docking Console
Included Pro Controller (turns out it may be detachable)
The raw materials of the PlayStation Vita were calculated at $160 in 2012. We should be able to get twice the power minimum at that cost now in the handheld unit.
The handheld would contain the CPU, GPU and 128GB Flash Drive for transferring games to and from the dock HDD.