By Victor Microsoft handheld on the way from the minds behind the Xbox and Xbox 360 Even after the Origami was revealed, it was still long rumored that Microsoft has been working on a handheld to compete with the likes of the Sony PSP as well as the Nintendo DS. It now appears as if these rumors were true all along as Dean Takahashi of The Mercury News put out a story today revealing that Microsoft is working on a gaming device similar to the PSP which will play movies, games, as well as music. The report is stating that many of the great minds behind the Xbox and Xbox 360 are heading up the project for the handheld. Some of these people who will be working on the huge task will include J. Allard, who is leading the team, as well as his colleagues Greg Gibson, and Bryan Lee. Mr. Gibson was the system designer for the Xbox 360, while Mr. Lee is the financial chief for the business side of the Xbox. This is the main head of the team that will attempt to bring Microsoft into the vastly growing handheld market of gaming and try to compete with the likes of handheld giant Nintendo, as well as relative newcomer Sony.