It looks like the "new" Coleco is doing right by their brand legacy. Here are my impressions of the new handheld unit, which I just purchased new at Target for $50:

Hardware: The build quality of this device is well above average, definitely better than the VGPocket games, and at least on par with the GP2X. The case is glossy black plastic with a subtle marble/sparkle finish. The whole thing looks nice in person, despite the nasty red COLECO logo. It feels substantial in the hand, but definitely smooth and pocketable. It's larger than the GB Micro, about the size and thickness of a largish cell phone, but very light. It doesn't make any noise when you twist it. There are two speakers on the front of the device, probably dual mono output. The screen is large and bright, with excellent color saturation and contrast. The buttons have a nice springy feel to them. The two buttons above the D-pad on the left are volume + and -, which come in handy since the device doesn't remember your volume setting when you switch it off. The buttons over the A and B action buttons on the right are RESET (to the game select menu) and START. There are no shoulder buttons or volume wheels on the device, just a small slot for a wrist strap. A headphone jack on the bottom of the unit is intelligently placed and doesn't get in the way.

Hackability?: The unit takes 3 AAA batteries and you need a small screwdriver to open the battery compartment. The device is held together by 4 small screws so it looks like it would be easy for Ben Heckendorn and friends to get inside easily. I didn't open mine -- I want to play some games for my fifty bucks, first. There's a jack for an external power adapter (DC 5V), as well as a standard mini-AV jack for audio/video output (included) should you want to play on the big screen. I'm happy with the built-in games for now, but it would be neat to expand this device. It almost feels like there's enough room in the case to do something like that.

Software: I don't know if this is a "SMS-on-a-chip," but it feels like the real thing to me, rather than emulation. Sounds are loud and accurate, and video is displayed in the game's original aspect ratio. Since different video systems are present on the software in this device, some games are upscaled to fill the whole screen, while others are displayed in a window. Text is readable in all modes and motion blur is minimal -- on par with GBA Micro and MUCH better than the original Game Gear. It's nice to have Sonic Triple Trouble on the run in my pocket, and having Snail Maze without a TV-based console. The game selection was done by someone who knows the Sega library, as there are no issues like those you sometimes see with pirate multicarts, such as duplicates, unplayable dogs, or titles that need the lightgun or 3D glasses. These are OLD games, but unlike some of the recent "new" games that were created for plug and play devices, most of these have a measure of professional polish. In other words, I'd rather play great games from the late 80s than crappy games from last week.

Game list: (they're displayed in this order in the software menu)
Sonic Drift 2
Sonic Triple Trouble
Alex Kidd in High Tech World
Alex Kidd in Miracle World
Altered Beast
Assault City
Astro Warrior
Aztec Adventure
Bomber Raid
Columns
Ecco II: The Tides of Time
Fantasy Zone
Fantasy Zone: The Maze
Global Defense
Kung Fu Kid
The Ninja
Penguin Land
Quartet
Snail Maze
Super Columns

Here's a picture of the Coleco handheld next to my GBA Micro for size comparison. Sorry about the inverted picture -- rest assured that the text is the right way round on the real thing.

yPaint v4 [0.4]a by Yongobongo
This version I have to say has probably been the version with the most debugging out of the lot.

~New Features~

File browsing - Went from a Text-Based Opener (type the name, it opens it) to a fully featured File browser for Opening PNG files Thanks to Fuzzie 360's AWESOME LowserLIB. I have modified it to support JPG and TGA loading as well, all credit to Fuzzie!

Multiple Format Saving Menu - Ah, this is also awesome! Press circle and a little menu comes up asking you which format to save the image as. Either TGA, JPG or PNG! Saves it to PSP/PHOTO and it tells you whether the save was successful or not

Bug Fixes - Self explanatory