Back in February, Sony held a very important meeting that they live streamed. At that meeting Sony officially announced their next-gen system in the PS4. The system wasn't shown at the meeting though. At the meeting the only thing that was shown off was the new Dualshock 4 controller and what the specs of the system are. Then a couple days before Microsoft revealed the Xbox One, Sony released a teaser trailer for the PS4 that was all blurry images of it.
Today at E3, Sony officially revealed their next-gen console in the PlayStation 4. The PS4 is gonna have 8 gigabytes of unified memory. Back in February Sony released a ton of details on the PS4, but never showed the system until now. Below are pictures of the console. The PS4 will have no restrictions on used, no authentication every 24 hours, and you don't always have to be online when you are playing single-player games. You can trade in your games, let a friend borrow them, or keep them for life. The PS4 will be priced at $399. It will be releasing this Holiday season.
Source: PS Blog.