One of the last few things that was announced at the end of the Sony press conference was the price of the console. While Microsoft priced the Xbox One at $499, Sony priced the PS4 at a significantly lower $399. As expected, there's a reason for that. Much like with their releases of the various versions of PS3, they would announce the price of the cheapest PS4 set and would also release more expensive kits with usually a bigger hard drive and maybe a game or two.
This looks to be the case with the PS4. But that's not all. Much like the Xbox One and it's emphasis on the Kinect, the PS4 will also work in tandem with a new PlayStation Camera. Since the PS Move has been integrated into the new controllers themselves, you'd think the camera would be a requirement. The Xbox One requires the Kinect to be connected at all times but the $399 PS4 will not include the camera which leads me to believe that it is not required to run the system. As to how important of a role the camera will play in the long run of the PS4's lifespan, at least we have the option. The $399 PS4 will also be rocking a 500GB HDD which is said to be upgradable. It will also come with a mono headset and a HDMI cable which is nice. The Camera will be available at launch for $59.
Here is the full spec sheet of the PS4 if you want to check it out.