The PlayStation 4 will be the new eighth generation console that should be released early 2013
http://www.ps4playstation4.com
The PS4 Should have better HD, Faster graphics and it will be able to run 480p, 576p, 720p, 1080i, 1080p
The PS4 will have free online PS network+ Gaikai cloud service
With Xbox you have to pay for online ($5 a month)
PS3/PS4 Free online
Primary Media
Xbox 360 - DVD, Compact Disc, Download
PS3 - Blu-ray 2x, DVD, Compact Disc, Download
PS4 - Blu-ray 8x, DVD, Compact Disc, Download, HVD, download
Primary Game Media:
Xbox 360 - Dual-Layer DVD-ROM (up to 17GB of data) at 4.36-15.85MB/s
PS3 - 2x Blu-ray BD-ROM (up to 54GB of data) at 9MB/s
PS4 - 8x Blu-ray BD-ROM (54-128GB of data) at 36MB/s or HVD (up to 6 TB) at 1GB/s
Graphics (GPU)
Xbox 360 - 500 MHz ATI Xenos
PS3 - 550 MHz NVIDIA/SCEI RSX 'Reality Synthesizer'
PS4 - 1 GHz AMD HD 7670 with 1GB GDDR5 at 1GHz VRAM or 1.6 GHz NVIDIA/SCEI RSX 'Reality Synthesizer' RSX 2 with 4GB of VRAM
CPU or APU (nanometer)
Xbox 360 - CPU - 3.2 GHz PowerPC Tri-Core Xenon (90-45nm)
PS3 - CPU - 3.2 GHz Cell BE w/ 1 PPE & 6 SPEs (90-45nm)
PS4 - APU - AMD A8-3850 Quad Core 2.9GHz/per core or
CPU - 9.66 GHz POWER7 Cell Broadband Engine (4, 6, or 8 cores) or
CBE 2 with 10 PPE & 12 SPEs {all APUs/CPUs at 45, 32, or 22nm}
The PS4 will have a lot more storage then the Xbox and PS3