Many of us expected the a new PSP to have on-board storage to allow for a less UMD-reliant experience for music and gaming. In this clip, SCEA President and CEO Jack Tretton tells us what's gone wrong with UMD, and more importantly, how Sony plans on reviving the struggling PSP media format. He sorta lays the smackdown, so it's worth a watch. The only hole in his logic seems to be that Sony prices UMDs fairly high as well. [kotaku]