More details as we get them.
Sony has officially unveiled the PlayStation 4 at its PlayStation Meeting event held at the The Hammerstein Ballroom at the Manhattan Center Studios in New York tonight.
Andrew House, current president and Group CEO of Sony Computer Entertainment, took to the stage to unveil the next generation console to the world.
The console boasts almost two teraflops of performance, and is based on PC architecture. 8GB of system memory is also confirmed.
The DualShock 4 has also been confirmed, featuring a touch pad, share button and headphone jack. A dual camera system works in tandem with the controller to accurately track depth and motion.
PS4 supports suspend and resume game sessions, making it possible to pick up your game at the exact spot you left off.
A secondary custom chip makes it possible to download and upload in the background, with games playable even whilst still downloading.
It will be possible to record and share gameplay footage, uploading as you continue to play, or browsing live video of your friends.
Companion apps will also be available on phones and Vita, whilst experience customisation will play a key role in PS4.
Gaikai support makes it possible to instantly stream demos from the PlayStation Store, with the tech also being used to live broadcast what you're playing with a press of the share button. Friends can also post comments directly to your screen, and even take over control of the game.
Remote Play will allow the game you are playing on PS4 to be transferred over to the PS Vita instantly.
Backwards compatibility via Gaikai was also discussed, but when this will be available isn't clear. The goal is to offer PS1, PS2 and PS3 games on any device.
Confirmed games shown at the presentation included Killzone Shadow Fall from Guerrilla Games, Drive Club from Evolution, and inFamous Second Son from Sucker Punch.
Jonathan Blow's new game The Witness will debut on PS4.
Third parties also took to the stage, with the major announcements being Diablo 3 (also for PS3), Destiny, Watch Dogs and a new title from Capcom. Square Enix also pledged support.
PlayStation 4 will be released holiday 2013.