So I haven't looked too deeply into this yet, but these are my feelings in regards to Sony's shindig yesterday. I haven't watched it yet, I'm waiting for them to post it to YouTube in HD but this is from the things I've noticed from reading the reports from Polygon, Anandtech, Kotaku, Joystiq, etc.
360 Fanboy Rant:
PS4 at least from a hardware standpoint is a validation of some of the things that the Xbox pioneered. PC-like architecture, unified memory, headphone jack on the controller, stereo cameras for motion control, concave stick design, even the handles on the controller are things that are "borrowed" from the Xbox or 360. I like how Dave Perry got up there and said this new version of PSN was going to be faster, because it's been really go aweful slow lately.
PC Hardware Geek:
I don't have a lot of faith in AMD making a processor and GPU that will last as long as what the PS3 is based on. That said, I'm really surprised that they are basing this on and x86 architecture when the trend in tech is to go with something ARM-based because of how fast and cheap it is. And if they stuck with ARM, it would make porting to the Vita even easier. At least the Blu ray drive will be faster, but I'm probably going to be downloading all my games from now on so it's really not going to make my Blu ray movies faster.
Regular Video Game Player:
Meh. I don't see anything that really excites me and makes me want to spend money on this. Show me some more games!