I'm also going to rate each of the points I put down on a score scale out of 5 depending on how significant I think each point is and how much weight it carries.

Pros:

-Graphics are powerful, very powerful. And you cannot buy a PC this powerful for this money (rumoured prices) and probably won't be able to for a few years (+5)
-The controller looks nice and has improved ergonomics (the dpad, sticks and triggers). It also has built in PSMove, audio jack and touch pad (I'm doubtful as to what benefit the touch pad will bring though, it is so awkwardly place and right now seems to be a waste of resources but I can't class it as a negative since it is just an addition we may or may not use) (+4)
-PS4 has support from a very wide array of developers already and already has some AAA titles in development for it (+5)
-The console is apparently much easier to develop for. Considering the PS3 was so hard to develop for but still had a market share the size of the X360 this could mean that we will be seeing many more PS3 exclusives and multi platform games...perhaps. (+4)
-Gaikai allows game streaming which means you do not have to actually have the game, saving on hard disk space. It will also allow you to play while you download a game too. However, this obviously requires a fast internet connection and inevitable lag may make some games, like street fighter, difficult to play. (+3)
-Share functionality allow you to "share" the last 10 minutes of your gameplay straight away via ustream. It also allow you to share photos and other video too. It is unclear whether you can save gameplay or video to hard drive and export them/edit them so I will ignore that aspect for now. I also don't really see many casual gamers using this function at all (+2)
-PS4 comes with a headset. This will mean many more people chatting in games, which is a pro and a con but mostly a pro. (+3)
-PS4 comes with stereo playstation eye (+3)
-PS4 can output 4k but only with videos and pictures, not games. Not a con in my eyes since I don't see many people jumping on the 4k bandwagon. HD is good enough until 8K eventually comes around (+1)
-PSvita game play that allows you to stream games to your PSvita so that it acts like a WiiU controller (+1)
-PSInstantON; this allows you to instantly start your PS4 right from where you left off after starting up your PS4. (+1)
-Old PS titles will be available via gaikai in a very limited backwards compatibility attempt from sony, but at least it is something (+2)

overall pros score: +34


Cons
-No real backwards compatibility (-5)
-No ability to keep your purchased games from PSN (-5)
-The addition of PSMove and PSeye may mean many more games with gimmicky last minute gameplay mechanics (-2)
-Cannot transfer PS3/PSN game saves to PS4 (-4)
-Cannot use DS3 controllers with PS4 (-2)

overall cons score: -18


Things that are still missing are the official price, the appearance of the console, details on the next PSN, a final release date and launch lineup.

total score = +16
Overall, a good outing by sony. They could make the PS4 amazing by simply addressing this issue with backwards compatibility. Without doing that they are encouraging players to stick to the PS3 which already does have great graphics and a huge library of games. Sony should seriously consider backwards compatibility, even at the expense of something like touch controls, bundled headsets or even the PSeye. The jump in graphics isn't as significant as previous generations so I think players will be hard to convert. But again, despite saying that, the PS4 is looking very good and is something I will certainly be getting.

what do you think?