We caught wind of a Neo-Geo portable a few months ago, but the lack of comment from SNK and its general iPhone-like appearance was suspicious. Apparently, the device is real, and coming worldwide in Q2 2012.
The official site shows a new mock-up and an information sign-up form. It's coming from distributor Tommo Inc and device maker Blaze, which specializes in these types of retro console devices. It's been officially given a new name as well, the "Neo-Geo X." It sports 20 games, an SD card expansion, A/V output, and a 3.5" LCD screen.
The 20 games include: Art of Fighting, Baseball Stars, Cyber Lip, Fatal Fury, Fatal Fury Special, Football Frenzy, King of the Monsters, Last Resort, League Bowling, Magician Lord, Metal Slug, Mutation Nation, Nam 1975, Samurai Shodown, Sengoku, Super Sidekicks, King of Fighters '94, The Ultimate 11, Top Players Golf, and World Heroes.
The press release refers to the Neo-Geo X as a "Limited Edition" console, but doesn't mention a price or other release details. But Jason Cooper of Blaze does mention making the experience available "in a more affordable manner, to a much wider audience."