The Network: More than ever, the PlayStation network is emerging as a central priority for Sony. And its plans for the PS4 are big.
The biggest announcement Sony made Wednesday was that users will be able to "stream" PS4 games to the handheld PS Vita.
But Sony doesn't want to stop there. Eventually, Sony says it will enable cloud gaming, which will allow users to play every title on any system, streamed from remote servers.
That is how the PS4 will work around the fact that it isn't backwards-compatible with its PS3 predecessor, due to the radically different processors the two consoles have.
The Camera: The PS4 features a built-in camera for 3D tracking and motion control, similar to the Microsoft Xbox's Kinect attachment.
The Games: We're still a ways off from knowing what will be ready in time for the PS4 launch, and what will come after, but Sony already has a couple of big titles lined up. Developers showed off first-person shooter game "Killzone: Shadow Fall," team-based online racing game "Driveclub," and "The Witness," a puzzle solving game.
Quantic, a game developed Heavy Rain, was particularly impressive. The game will feature over 30,000 polygons per video game character. That delivers as close to a photorealistic video game experience as we've seen.
The Release: Sony hasn't given a firm release date aside from the fourth quarter, but generally that means it will arrive in time for the holiday shopping season. In other words, expect the PS4 sometime around November.