PlayStation Neo is officially called PlayStation 4 Pro, Sony has announced, and it'll release on November 10 for £349.
The new console will feature an improved GPU and CPU over the existing PS4, ship with a 1TB hard drive, and support 4K HDR.
As well as providing enhanced visuals for new games, the PS4 Pro will also improve graphics of some existing PS4 titles. According to Sony, "a number of games" are being patched to support PS4 Pro's higher spec, including over half a dozen first-party titles.
Uncharted 4, for example, is being updated to support HDR. Here's every PS4 Pro game confirmed so far.
The same discs and downloads will work across both PS4 and PS4 Pro, too, meaning you'll be able to play all of your existing games on the new console, even if it isn't updated to take advantage of the improved power.
UPDATE: Sony has confirmed the full specs of PS4 Pro:
Source: PlayStation Meeting