Today at Sony's press conference, they officially announced that the PlayStation 4 will launch this holiday season for $399, a full $100 less than the Xbox One. They also confirmed to huge applause that it will come with no restrictions on used games or online requirements.
PlayStation Plus will now be required for online play, which is a change from the PS3 but falls more in line with Microsoft's Xbox Live service. Plus costs $5 a month.
PS4's online streaming service using Gaikai to stream PS3 games will launch early in 2014.
The actual console itself was revealed as well, which you can view in the gallery above.