The Playstation 4 will launch at the price of $399 - which is $100 less than the launch price of Sony's main competitor, Microsoft's new Xbox One.
And unlike the Xbox One, the Playstation 4 won't require an always-on internet connection, and the device will be able to play used games, while Microsoft's new console will controversially lock-out the user from playing used games on the system unless they are purchased from certain participating retailers.
The PS4 controller looks like it will be fairly similar in design to the company's previous models, although it will have at least one innovative feature - a "share" button that will allow the player to easily post gameplay videos and screenshots. The controller will also have a touchpad and a Move motion sensor to give gamers even more control over their game-playing experience.
As far as tech goes, the Playstation 4 will abandon the complex Cell architecture used in the Playstation 3 in favor of a PC-like set-up that will make it easier to develop games for. The new system will of course continue to offer extensive online multiplayer capabilities and other extra features that gamers have come to expect from the Playstation brand.
From what we know of both systems right now, in my opinion, it's pretty clear that the Playstation 4 will be the system to have. It seems to be clearly superior to both Microsoft's and Nintendo's next generation systems at this point.
Don't be left in the cold on launch day! Supplies will be limited and demand will be high, so pre-order your PS4 from Amazon and forget about fighting mobs of people at stores at launch.
You can watch the entire press conference of the PS4 reveal here: