They've been teasing it for a while, but now we can finally put all those rumours to bed – the console Sony will be supporting to steal back the ground that they lost to Nintendo and Microsoft in this generation was finally revealed on February 20th. Going up against the Wii U and Microsoft's as-of-yet announced competitor, the predictably-named PlayStation 4 had some (but not all) of the juicy details shown off at a private press conference in New York.

Firstly, the developers kicked off with a look at where the PlayStation 3 arguably led the console field – the hardware. One of the key new features is the new Instant On capability, which allows players to switch off the console and immediately return to where they were- convenient and energy efficient. They were keen to indicate the PC-style setup of the internals, with 8 AMD Jaguar cores, 8GB of memory and a top-flight AMD graphic card. It should support Sony's own Blu-Ray format but also play DVDs and it will output through HDMI and standard analogue. Along with this, the PS4 will come with the PlayStation 4 Eye, a high-definition camera for mounting above the TV – obviously trying to steal the Kinect's thunder. However, it will still use the ill-fated PlayStation Move as an input method – good news for all 5 people who bought it. Excitingly, there will also be the chance to use smartphones, tablets and the PlayStation Vita as “second screens”, where the game will be run on the PS4 and streamed via satellite to a handheld device, essentially letting you play your PS4 anywhere.

The new controller was also shown off. All of the benefits of he PS3 controller remain (such as wireless connectivity), but this version also features a touch pad across the top of the controller, a more ergonomic design for the joysticks and the triggers, integrated motion controls, a headphone socket for chatting in-game. Lastly, and most controversially, it features a “share” button that links to a much-publicised social media hub, which integrates Facebook and Playstation Network, allowing you to share games, pictures and footage with friends. This allows improved livestreaming, where others can watch you play – supposedly to offer tips or just appreciate your skill, but inevitably, I'm just going to end up being shouted at to do 50 opposing things at the same time.   

But really, we want to know about the games. Happily, the PS4 will not always require an internet connection (as the new Xbox may do), games will cost less than $60 (meaning that they will probably not exceed £40 over here – take that, Angus!) and it will still run used games. However, there will not be backwards compatibility, so you will not be able to play PS3 games- either those you downloaded or bought on disk. The release titles include:

Deep Down- fantasy game, knights killing dragons, fairly standard

Destiny- made by Bungie, who made Halo, it's a first-person shooter with sci-fi elements – ringing any bells?

Diablo III- umm, this has been out for ages...

Driveclub- driving game, think Need for Speed crossed with Facebook

Infamous: Second Son- superhero game where the main character controls smoke, I kid you not

Killzone: Shadow Fall- first-person shooter in space again, noticing a theme here?

The Witcher 3: Wild Hunt- fantasy RPG following a magical monster hunter

Watch Dogs- near-future dystopia – main character fights crime by hacking everything

Knack- platformer about a shape-shifting robot

Cyberpunk 2077- gritty cyberpunk RPG

Final Fantasy- an epic Japanese RPG and one of my favourite series

They didn't show off the console itself or mention anything about the price, but they did say that there would be a second announcement at the gaming convention E3 later this year. It's too early to say whether this will be a match for the Wii U or not, but, based on this, I'd tentatively say that this all seems like an improvement. But will it be too little, too late for Sony? We'll have to wait for June for more information. The release date has been set for Christmas 2013, but expect that to change, especially for us in Europe – judging by the PS3's price, I'd start saving your pennies now.