Sony has announced that they're working with Sandisk to develop the "Memory Stick PRO-HG" format. With a maximum data transfer speed of 480Mbps, "Memory Stick PRO-HG" is three times as fast as "Memory Stick PRO" media.
"Memory Stick PRO-HG" media offers high performance to meet the stringent demands of end users. This new media format uses an enhanced, 8-bit parallel interface in addition to a conventional serial and 4-bit parallel interface. The interface clock frequency also increases to 60MHz from 40MHz. This means that maximum data transfer speed increases up to 480Mbps, or 60MB/s (theoretical value), three times as fast as that of "Memory Stick PRO" media. The minimum write speed at 8-bit parallel transfer is 120 Mbps, or 15MB/s. These enhancements allow large data amounts of up to several gigabytes to be quickly transferred, as well as the real-time recording of high-resolution video and still images.

Since "Memory Stick PRO-HG" is an extended format of the "Memory Stick PRO" format, "Memory Stick PRO-HG" compliant host devices support the conventional "Memory Stick PRO" media as well as "Memory Stick PRO-HG" media. In addition, the "Memory Stick PRO-HG" media can be used conventional "Memory Stick PRO" compliant host devices as well as "Memory Stick PRO-HG" compliant host devices.
Licensing for the development of "Memory Stick PRO-HG" compliant devices is scheduled to begin in January 2007. More information on the format can be found here.