The PS4 has been announced by Sony! At long last we've had our first look at the new PlayStation and so far it looks very... next-geny.  With TechRadar in attendance at the event on the 20th Feb, Sony revealed some tantalising details about the hardware specs, along with some amazing software features that the new console will have.

PS4: Hardware Specifications

AMD, as we guessed all along, is coursing through this new system's veins.
Post-event, Sony revealed the system runs on a single-chip custom processor and utilizes eight x86-64 AMD Jaguar CPU cores, with a next-gen AMD Radeon based graphics engine powering the way.

The "highly enhanced PC GPU" packs 18 GCN units - that may sound a like a lot of techy mumbo jumbo but what it essentially means is that the GPU packs 18 processing clusters, each packing up to 64 cores. That provides a lot of parallel processing power, and will thus handle the majority of the PS4's grunt work. It hits 1.84 TFLOPS of processing mojo. Sony announced at the NYC event that the console will use GPU compute features to take advantage of this components raw power - it'll be used for general computation tasks as well as building graphics.

Memory

The PS4 will ship packing 8GB of GDDR5 memory. That's some super-fast stuff right there and should enable lightning fast performance. Indeed, Sony has revealed that you will be able to power down the PS4 mid-game and then switch it on again in seconds and pick up right where you left off. That's the sort of loading power that this memory enables.

Other Specifications

We're also looking at Blu-ray disk support plus good ol' DVD, plus HDMI output support as well as Analog-AV out and an optical digital output.

Despite the PS4's unveiling, and stiff competition from mobile devices, Sony is still actively marketing the Playstation 3. The company last week released the console in two different colours.
The new limited edition Garnet Red and Azurite Blue 500GB 'super-slim' units seem to represent one last push of their current generation hardware.

Source >> PS4 Live Coverage