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Japanese technology giants Sony have unveiled the fourth instalment of the hugely popular Playstation series.
The video games device, that was officially revealed at this year's E3 Trade event in Los Angeles, California, have been vehemently anticipated.
Although several of the console's features and upgrades were announced in February, Sony had kept prospective buyers guessing on some crucial facts, including the overall design of the Playstation 4.
Andrew House, Head and Group CEO of Sony Computer Entertainment, said the PS4 represents, in some ways, a totally new Playstation.
Possibly the news which has many people discussing could be the statement that the PS4 will critically dent its close rival, Microsoft's Xbox One, on price. Mr. House announced the PS4 is sold at US $399 (£349) upon release, whilst, at the exact same show, Microsoft had previously revealed that the Xbox One will be US $499 (£429).
Another imperative announcement came when it is revealed that Sony would not be introducing any limitations on second user games. Actually, the Playstation 4 is not going to even need players to regularly validate their consoles via the Internet in order to continue play.
Conversely, Microsoft has added further restrictions regarding who a gamer can purchase second-hand titles from. The company has even gone so far as to need Xbox One players to connect to the web once every day so they can use their machine.
In response to Sony, there is around 140 Playstation 4 video games currently in progress, with one hundred roughly expected to go for sale within the PS4's first year of release. Trade insiders have speculated that Sony are attempting to reach out to independent developers, mainly those that feel stifled by Microsoft.
Drawing a huge cheer from the spectators, Jack Tretton, boss of Sony Entertainment America said, "PS4 won't impose any new limitations for your use of PS4 game discs,"
BBC correspondent Dave Lee reported that, "If console battles were decided through the frequency and volume of whoops and cheers from highly strung games fanatics, then Sony has won it hands down".
The present Sony machine, the Playstation 3, outsold Microsoft's Xbox 360 by a decent margin, but was consequently outsold by Nintendo's Wii. It is consideration that Sony are trying to rectify this with the release of the PS4.
Sony's announcement has been seen by some like a calculated hit against Microsoft, with IGN.com's UK Editor-in-Chief Alex Simmons describing it as a incredibly public slap across Microsoft's face.
Sony declined to provide a release date for their new machine, but strongly hinted that the PS4 ought to arrive around Christmas.