They've done a lot of things right.
8 core AMD CPU (powerful enough and WAY cheaper than Intel)
a pimped out AMD 7xxx series GPU (that's what it's based on), which gives you enough of computational power.
shared 8GB DDR5 RAM (the CPU and the GPU have shared access to the RAM - there's no bottleneck between CPU-CPU to RAM-RAM to GPU-GPU to RAM back to CPU (winner!))
an additional chipset for networking (so real background downloading/communication/streaming is gonna be super-smooth) - game assets can be downloaded on the fly; be it whole levels/demos/content, etc...
a seperate chip for MPEG encoding (so all your ustream/youtube/"sharing" games/video conferences, - etc... run separately) - this will let you stream the content over to your mobile device, meaning, you'll be able to play your PS4 game in bed on your tablet, while your PS4 is downstairs in your living room, etc...
HD of your choice
3D playback (games and all kinds of media)
x86 based and easier to program "down to the core" (literally)
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I haven't heard anything new about the access to the Sony channels, so in order to really release a title FOR the PS4, a commercial title, you'll still have to pay them a 20-30k license fee just to get your title out (NO BUENO!).
If they change THAT, then yeah, you'll see
Ableton Live for PS4, sure and a lot of other cool software/applications, but otherwise, yeah, this is gonna be a dope console.
And because it's AMD based, this is gonna be probably even cheaper than the PS3 when it was first released (2007).
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Most game titles are produced with the consoles in mind first. There are not many PC-exclusive titles, but that's because of Microsoft (they want to cover all bases).
Now, things have changed dramatically over the last couple of years, because these days, you can get a FREE non-commercial license and simply download the newest CryEngine 3 and the UDK3 (Unreal Engine 3) and create your own games for PC/Xbox/PS3/iOS/Android.
CryTek wants 20% of your revenue once you go pro and Unreal asks you for 25% once you hit 50k.
I mean, WHAT MORE CAN YOU WISH FOR??????? THEY ARE SHOVING IT DOWN YOUR THROAT, FOR FREE!!!