Sony Announces PlayStation 4

NEW YORK ( TheStreet) - It has been a long time in the making. Slightly more than six years to be exact. And they didn't spend much time worrying about what to name it. Sony's ( SNE) pretty sure that everyone will know that a PlayStation 4 denotes the company's next-generation gaming device.

Last night, in a grand New York City event, Sony proudly announced its newest home gaming console. It's actually the eighth-generation design when you count all the upgrades and improvements made to its earlier designs.

The PS4 is like a "supercharged PC". It's said to feature an 8-core, Advanced Micro Devices ( AMD) "Jaguar" processor, 8 GB of RAM, a built-in hard drive, Gigabit Ethernet, Wi-fi, Bluetooth, HDMI, a 3D/HD (720p) camera, a better/faster Blu-Ray/DVD drive and an all-new controller.

Sony promises that the hardware will offer gamers a new level of play, as well as a new level of sharing via the "cloud". It will reportedly let gamers upload what they're playing on the Web, while watching others at play. Sony will also let players connect to each other via popular social networks.

There's also talk that Sony is working on a software program for both Apple ( AAPL) iOS and Google ( GOOG) Android-based devices that will extend the new PS4's gaming abilities to a second screen.

Interestingly, Sony had a lot to say about what the console will do, but offered little information on what it will actually look like. There was no sample hardware in sight at last night's event. No retail price was suggested either.

Sony will start selling the PS4 in November - in plenty of time for the prime holiday shopping season.

Of course, the PS4 won't be all alone on the retail shelf. Microsoft's ( MSFT) expected to announce its answer to the PS4 - the next-generation Xbox game console - sometime this summer, with a release date perfectly timed for holiday shoppers as well.

--Written by Gary Krakow in New York.

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Gary Krakow is TheStreet's senior technology correspondent.