PlayStation 4 will launch this Christmas in Europe and North America for 399 USD / Euros or £349 GBP, Sony has announced.
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The company's pricing structure for its next-generation console undercuts Microsoft's Xbox One by $100 USD, after the rival machine was confirmed this morning to retail at £429 / $499 / €499.
During its E3 press conference SCE showed its console hardware for the first time and confirmed that its Gaikai service will launch in 2014 in the US, making a selection of classic PS3 titles available via the cloud.
Sony's Worldwide Studios team has more than 30 PS4 exclusive titles in development, 20 of which will launch during the first year of PS4, it said.
Globally there are more than 140 games in development for PS4, including over 100 that will be available within the first year, it added.
PlayStation Plus memberships will carry over to PlayStation 4, Sony announced, so members will have access to all of the benefits across PS3, PS Vita and PS4 for one price.
These benefits include online multiplayer access, exclusive discounts, cloud game saves, and Instant Game Collection, which gives members a selection of games to discover and enjoy with their friends.
To celebrate the launch of PlayStation Plus on PS4, Sony will offer DriveClub PS Plus Edition in the Instant Game Collection.
SCE also addressed the controversial issue of pre-owned game and always-on internet restrictions, confirming that that PS4 games do not require a regular online check in and disc games can be traded or sold to friends.
It later emerged that PlayStation 4 owners will need to subscribe to PlayStation Plus to play online multiplayer.