With the last-generation consoles having coming out in 2005-2006, gamers around the world have been itching for a new system. Nintendo has already released the Wii U as of late 2012, but what players have really been craving is a system from the top two contenders: Microsoft and Sony.

The latter has decided to hit the news first with their PlayStation 4 announcement yesterday. The new console has a pending release date for the 2013 Holidays. Gamers can expect not only a slew of new games (with much backing from the developer community, which Sony all but bragged about), but also a new PlayStation Dual-Shock controller with an embedded “Light Bar” that will track your movements.

The PlayStation 4 seems to have an extra emphasis on cloud-based entertainment. Due to the internal power of the system, players can immediately begin playing a game they found through the PlayStation Store while it finishes downloading the rest of the game in the background. On top of that, Sony will be fully integrating today’s concepts of social networks into the PS4. “Friends Lists” will now consist of real names on top of the common username, with profile pictures accompanying achievements and trophies. Friends can even jump into your game, taking control (if you let them) for you whilst you watch.

Unfortunately, no actual PS4 was shown during yesterday’s announcement, despite the Holiday 2013 target; a price point hasn’t been set either. Besides those two tidbits of information, all that remains now is to see how Microsoft will respond to the challenge.

Sources: Wired, Forbes