The new console will be a slightly smaller -- relative to the current PS3 -- rectangular black box and it will start at $399. That's $100 less than Microsoft's upcoming rival console Xbox One which will start at $499.
The new console will introduce gamers to several interactive features. Among them is the PS4's ability to learn user preferences and recommend games, movies and TV shows based on previously liked content. In addition, players will have the capacity to look over game-related information shared by friends.
The console also comes with several features that look to increase play-time. "Play Go," for example, allows users to begin playing a game while it's still downloading and "Remote Play," lets users seamlessly play several PS4 games on their PSVITA -- Sony's portable game system.
Sony also made some changes to the console's controller. The DualShock4 will be wireless like its predecessor, but it will feature several new "trigger buttons."
Regarding games, Sony said they are currently 140 games in development for the PS4, 100 of which will be available during the device's first year. As for Internet connectivity, Jack Tretton, Sony Computer Entertainment of America president and CEO said it won't be required.
Concerning used games, Tretton said Sony won't try to prevent users from sharing pre-owned games with one another.
"When a gamer buys a PS4 disc, they have the rights to use that disc, resell it, lend it to a friend or keep it forever," Tretton said.
Sony's PS4 will be available in time for the 2013 holiday season.