Looks like it's out with the old and in with the new for Sony. Two weeks ago, Sony made the official announcement that they will be releasing the PlayStation 4 (PS4) this holiday season. At the initial press conference, Sony made it clear that the PS4 would be one of the most technologically advanced gaming systems out there. But is it really worth all the hype? Here's what we know, and what we don't know, about the Playstation 4.

What We Know

In terms of hardware, the PS4 has a pretty impressive build, including an 8-core X86 AMD Jaguar CPU, an AMD Radeon-based graphics card, 8 GB of memory, and a Blu-ray drive. In layman's terms, the PS4 has the same kind of specs you would expect on your standard PC. But for a video game console, this is way ahead of anything else on the market.

All this new hardware means the PS4 should be able to do things no console before it could do. Sony said that the PS4 would be compatible with Sony's handheld system PlayStation Vita, and may also be compatible with certain Sony tablet computers, allowing for second-screen gaming similar to Nintendo's Wii U console. Another interesting feature of the PS4 is the ability to turn your system off mid-game, then turn your system back on and resume right where you left off, without having to fiddle with 30-second restarts or going through multiple menus.

Sony also revealed its new upgraded Dualshock 4 controller, as well as upgrades to its PlayStation Move and Eye peripherals. Sony also revealed several launch day titles, including games from the familiar PlayStation franchises Killzone and InFamous. But speaking of games, I was disappointed to learn that the PS4 would not be backwards-compatible with my PS3 games. Instead, folks who want to play PS3 games will have to download them from Sony's online service. It seems to be the trend for video games nowadays to offer older games on a download service like this, but I'm not a fan of having to pay again for a game I already own...

What We Don't Know

Although Sony did give us plenty of info on the PS4 at their press conference, they left out a few "minor" details, like how the console looks and how much it'll cost. Now, I won't even begin to speculate on how it'll look. But the price is a little easier to predict. Judging by the opening day price on Sony's past consoles, I wouldn't be shocked to see a price tag ranging between $400 to $500 when the PS4 hits the shelves, and that's not accounting for the release of some "special edition" of the console.

Either way, the PS4 is slated for a Holiday 2013 release, so we should be getting all the details within the next few months. And there's no doubt the PS4 will be the big story of this year's Electronics Entertainment Expo in June, so keep your eyes open for that.