Sony has just announced the cost of the PlayStation 4 when it goes on sale later this year. It'll be $399. That's $100 less than Microsoft's Xbox One. In Europe, it'll be €399 and £349. There's no specific release date or month yet, just "this holiday season" in the US and Europe. The official spec list confirms that for four bills, you get the system, a controller, USB, HDMI and power cables -- but no PlayStation 4 Eye.

“The gaming landscape is changing with new business models and new ways to play,” said Andrew House, president and CEO of Sony Computer Entertainment.

The loudest applause at the event came when Jack Tretton, president and CEO of Sony Computer Entertainment America, announced Sony would not try to restrict used game sales. “PlayStation 4 disc-based games don’t need to be connected online to play or any type of authentication,” said Tretton. “If you enjoy playing single-player games offline, PS4 won’t require to you check in online period and it won’t stop working if you haven’t authenticated in 24 hours.

Shu Yoshida, president of Sony Worldwide Studios, says the company’s studios have more than 30 PS4 games in development, including 12 brand new intellectual properties.