I love the Playstation 4, it will have a hard drive that will record everything as you play. It will be offline for anti-social gamers, and Sony undestands this. It will be reasonibly priced.   It won't have the rings of death. You can have a remote gameplay where a friend can unstuck you.   PS4 going to have Final Fantasy XV on it!  You can buy used games at a thrift store and play on any Playstation 4.  Games will be on blurays.
Xbox 720 will be always online which is a bad thing. It'll have three rings of death.  It may be less powerful.  The always online mode wil kill Xbox 720.  The always online MMORPGs like World of Warcraft and Diablo 3 only have a couple million playing online at any given time. Xbox 720 sales are going to be screwed unless Microsoft changes it to offline mode.