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The Question Everyone Wants the Answer To...
As a result, the question on everyone's mind is, when will the PlayStation 4 see the light of day?!?!? While Sony has not released any official information concerning the system's future launch, the generally accepted release date is pegged as late 2012, which would follow the trend of Sony's previous console generations. The PlayStation 1 was first released in late 1994 in Japan and 1995 throughout the rest of the world. The PlayStation 2 hit stores in 2000, giving the PS1 a retail shelf life of 6 years from its Japanese launch. Likewise, the PlayStation 3 came out in 2006, 6 years after the release of the PS2. Following this trend that Sony has established would give us a late 2012 release for the PS4.
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Update - March 12th 2012
During a recent private viewing at the San Francisco’s Game Developer’s Conference, members of the gaming press were lucky enough to get a preview of the next generation of the Unreal Engine. Sadly, everyone involved was asked to sign a NDA, meaning we can't get any real concrete footage of the new engine but Epic’s VP Mark Rein said that the next generation of consoles would need to be 10x stronger than the PS3 in order to utilize the new engine. Everyone expects something special with the next-gen consoles but can you imagine what today's games would be like looking 10x better?
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This enabled Sony to get a head start on the competition and gave developers time to build their skills at developing games for the console, to the point that even as more powerful consoles came after, games released on the older system were just as good technically, providing no real incentive for players to move to the new consoles.
This same effect has worked against the PlayStation 3 to some extent, as though considered to be far more powerful than the Xbox 360, the one year head start the 360 received has allowed developers to more quickly maximize the system's potential, resulting in games that rivaled games on the PS3 when it released. Only as the system's life spans come to an end will we likely see the PlayStation 3 come out with games that clearly trump what the 360 can do graphically.
How Sony plans to play their hand is cause for much speculation. What we do know is that the PlayStation 4 is coming sooner than we may think, and it will take gaming to a whole new level.
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Source: http://www.ps4playstation4.com/ps4-release-date-countdown-begins