The good: The PlayStation 4 serves up dazzling graphics, runs on a simplified and logical interface, and boasts a fantastic controller. It's also $100 cheaper than rival Xbox One and has the upper hand on indie and day one digital-only offerings.
The bad: Triple-A titles are lacking at launch, and the PS4 won't come close to matching its predecessor's gaming or software library for months -- or possibly years. PS3 games aren't compatible, though Sony is hinting that its Gaikai game-streaming service will open the door to retro gaming in 2014.
The bottom line: The PlayStation 4's beautiful graphics, blazing interface, and near-perfect controller make it a worthy successor to the PS3, but it would be wise to wait for more titles and features before you buy.