Preceding the current interest in layered materials for electronic applications, research in the 1960's found that black phosphorus combines high carrier mobility with a fundamental band gap. We introduce its counterpart, dubbed few-layer phosphorene, as a new 2D p-type material. Same as graphene and MoS2, phosphorene is flexible and can be mechanically exfoliated. We find phosphorene to be stable and, unlike graphene, to have an inherent, direct and appreciable band-gap that depends on the number of layers. Our transport studies indicate a carrier mobility that reflects its structural anisotropy and is superior to MoS2. At room temperature, our phosphorene field-effect transistors with 1.0 um channel length display a high on-current of 194 mA/mm, a high hole field-effect mobility of 286 cm2/Vs, and an on/off ratio up to 1E4. We demonstrate the possibility of phosphorene integration by constructing the first 2D CMOS inverter of phosphorene PMOS and MoS2 NMOS transistors.