Just watched the whole PS4 unveiling event.
Looks decent. The only gameplay shown that was new was Killzone 4 (newly announced), which was your generic run and gun arcade shooter. The gameplay looked like balls, but the graphics were nice.
Overall the console looks like it could be good, although in the same vein it looks like it's going to be overly expensive as well.
I'm going to keep an eye on the Steambox for now, will be interesting to see what happens at E3.