It's a PS3 with better graphics.
It can stream old games.
The dual-shock controller has a small touchpad across the top and some Move stuff built-in
Your friends can watch you play over the internets.
You can stream your PS4 game to your (lol) Vita over WiFi
That is all.
WELCOME TO THE FUTURE MEH
At least it has PC internals so maybe we can hack it into playing PC games and Steam
Sony's design process:
1: PC
2: Wii U
3: Smash them together
4: ???
5: Profit
well at least it isn't BAD
http://www.youtube.com/watch?v=0rJDn0jRnUQ