Andrew House showed off the next-generation console for delegates during Sony's conference on Monday evening (June 10). It is priced at $399 (£349/€399) - $100 cheaper than the US retail price for Xbox One, and £80 cheaper than the UK RRP.
House said that he feels the PS4 is "sleek and visually impactful wherever it is placed", and asserted his belief that the new console is "worthy of the PlayStation heritage".
It has also been announced that the PS4 will place no restrictions on used games. Disc-based titles can be traded in at retail, sold to another person or lent to a friend.
The console does not need an 'always-on' internet connection and will not require online authentication, Sony Computer Entertainment president and CEO Jack Tretton confirmed.
PlayStation Plus membership will also carry over to PS4. Although PS Plus membership is required for online play, non-members will still be able to play all single-player games and use all media services.
PlayStation's cloud-based gaming service Gaikai will launch in the US during 2014, starting with a catalogue of acclaimed PS3 games.
Sony Pictures Entertainment CEO Michael Lynton also announced on Monday that the company will provide exclusive content for both PS4 and the PlayStation Network. Redbox Instant and Flixter will soon be made available for US customers on PS3, PS4 and PS Vita.
PS4 launch titles will include Killzone: Shadow Fall, Drive Club, inFAMOUS: Second Son and Knack.
A new PS4 exclusive from Ready at Dawn named The Order: 1886 was also announced at E3. Set in an alternate version of Victorian London, players will be able to interact with real-life historical figures and become part of historical events as they embark on a quest to save humanity.
Bastion creator Supergiant Games also announced that its next title Transistor will make its console debut on PS4 during 2014.
It was also announced that indie developers will be able to self-publish on PS4.
Copyright Sony Playstation
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