Editors' note, June 19, 2013: This First Take was updated after Microsoft announced itsreversal of DRM and online-connected policies on the Xbox One.

The PlayStation 4 was originally announced at an event in New York City back in February, during which we heard plenty of details about features and strategy but didn't glimpse the system itself -- just its new controller.

Sony didn't make the same mistake twice. At the E3 gaming show in Los Angeles, the PS4 finally showed its face -- and its price: $399, which undercuts Microsoft's Xbox One by $100.

Now that it's been revealed, we know that it's: a black box. In fact, it not only looks like a PlayStation 2 on steroids, but it bears more than a passing resemblance to the equally portly and piano-black Xbox One.

Hands-on
At first glance, it's difficult to see any real discernible difference between the PlayStation 4's DualShock 4 and the DualShock 3 of the PS3, but after a few seconds the differences are readily apparent if you've spent a good amount of time playing PS3 games.

Trigger buttons are improved over the DualShock 3, but they honestly don't feel much more like actual triggers as they're flatter and wider than, say, the Xbox One's. The shoulder buttons, however, are much softer and more comfortable feeling than either the PS3's or Xbox One's in my opinion.

The D-pad was disappointing, forgoing the tight precision of the Xbox One's D-pad. I honestly couldn't imagine playing a fighting game on it, at least with anything approaching a modicum of success. The lack of tactile feedback when pressing different directions is troublesome.

The controller feels as light as the previous incarnation's, and its handles feature a grippier texture on the back and bottom. The touch pad feels smooth with a slight groove, and depresses pretty easily. I’ve yet to use it in an actual game, however.

The analog sticks deliver an appropriate amount of feedback; however, the texture on top of the sticks was distracting.

I didn't actually get to touch the PS4 console, so I can't say how light it is or how its buttons or Blu-ray drive work. The system definitely has a look like no other console I've seen. I mean sure, it's black and squarish like most consoles, but it also has this bisected design that looks quite space-age.

Design
About that design: the angled parallelogram design of the PS4 clearly conjures PlayStations of the past, most clearly the PlayStation 2. It's an attractive look, but it's boxy; it doesn't seem nearly as big as the Xbox One, however.

Also, box design really means nothing. But, hey, at least we know what it'll look like next to our television, and it's fine-looking without being obtrusive.

Used games: Yes (mostly)
The Xbox One had generated controversy because of its onerous digital rights management policies, including requiring daily Internet connections and account verification -- even for single-player games. Sales and loaning of used discs would be limited by policies set by individual game publishers. Microsoft has since reversed those policies, suggesting that the Xbox One will indeed not require online connectivity, and will be amenable to used games. It still seems like disc-based games will be installed on the Xbox's hard drive (like a PC game -- presumably, with a use-once code), but that hasn't been specified.

Sony's policy for the PlayStation 4 appears, at first glance, to be far more traditional, but now Microsoft's Xbox One policies seem to have come more in line with Sony's, lending it less distinctness. The PS4 will support used games and won't verify game accounts online. However, Sony will also leave it to third-party publishers to set their own rules on used titles, so it may not be as black and white as originally touted.

PlayStation Plus and PS4
The PS4 will support the same PlayStation Plus service as the Vita and PS3, with no new subscription price increase: it's all folded together. (Right now, that's $50 per year.) Unlike the PS3, however, a Plus subscription will be required for online multiplayer games. Thankfully, though, you won't be required to have Plus to access PS4's media services (Netflix and the like). You do need Microsoft's Xbox Live Gold subscription to do nearly anything -- including Netflix -- on Xbox One and Xbox 360.

The PS4 will have its own Instant Game collection service; Drive Club PS Plus Edition will be the first free game at launch, with one free game per month after that. Titles will include Don’t Starve and Outlast.

Sony’s been smart to offer up free games via Plus, and you have to wonder if Microsoft is taking notice: a similar offering of free monthly games was announced for Xbox 360 owners subscribing to Xbox Live Gold.

Video content and services
Leading off the PS4 discussions at E3 was a mention of Sony's video efforts, seemingly aiming for a similar type of video-content approach with the console as Microsoft is with the Xbox One. Sony touted its studio strength and the eventual launch of exclusive videos coming only to the PS4, but it’s unclear what those are.

Video services like Video Unlimited, Redbox, and Flixster are some of the services launching on the PlayStation Network, but it looks like these services will be available on the PS3, too.

The big challenge with fronting content as a reason to buy a console is this: can game systems really become video networks? Microsoft and Sony seem to be betting on this direction, and it’s a dicey endeavor.

Gaikai and cloud streaming
Gaikai cloud technology, acquired last year by Sony, was discussed back in February as a possible trial-based way of playing games before buying, working via streaming-game technology. Back then, David Perry, CEO of Gaikai, discussed the many ways that PlayStation Cloud services will potentially reinvent the back end of the PlayStation experience.

Gaikai technology will also be used to power the PS4's spectating experiences, and that aforementioned ability to continually one-button broadcast your game progress via Share. It's certainly the first time a home gaming console has entered this territory, although PC gamers have enjoyed similar types of functions and services (OnLive, for instance). The streaming/sharing technology will also work with Facebook and Ustream.
It doesn't seem to be coming this year, though. Sony announced at E3 that the PlayStation’s cloud gaming service will be available in 2014, offering PS3 games streamed via the cloud. The service will start in the U.S. first. And, interestingly, Gaikai services won't be limited to the PS4; the PS3 and eventually the Vita will benefit from Gaikai as well.

New games
Sony demonstrated games at E3 -- as you’d expect -- in a mix of new games and sequels: The Order, Killzone: Shadow Fall, and Infamous: Second Son. Some of these were teased back in February at Sony’s last event. It was hard to glean, just like before, what advantages the PS4 was offering these games that the PS3 couldn’t accomplish, but for the most part these games looked pretty.

Sony's also pledging massive third-party support, and a very easy process for independent developers to publish on the PS4.

More to come, but read below on details from the New York event. This post will be updated.

Hardware
The PlayStation 4, as you'd expect for a seven-years-later follow-up, has impressively bumped specs:

The PS4 will use a 500GB hard drive for storage; the same as the Xbox One. The specs overall match that of a modern PC with integrated AMD processors and graphics, or so it seems. It's not a particularly stunning set of specs for a PC, but it's far ahead of any existing game console. It's just not as ahead-of-its-time on the hardware end as the original PlayStation 3 seemed to be.

Immediacy of response reducing lag time while accessing content is also one of the promised PS4 features (unlike the extremely laggy Wii U, perhaps). The PS4 will allow speedy background downloading, and Sony claims that games will even be playable as they're being downloaded.

Yes, the PS4 will have a Blu-ray drive that can also play DVDs. The PS4 will also have three USB 3.0 ports, 802.11 b/g/n Wi-Fi and Ethernet, Bluetooth 2.1, HDMI, Analog AV-out, and optical digital audio output.

What about PS3 games playing on the PS4? Sony has so far discussed PlayStation 3 gameplay on the PS4 under the same umbrella as playing PlayStation 1 and PS 2 games, via a digital library in a yet-to-be-determined PlayStation Cloud Service. Whether this would be accomplished via streaming, digital downloads, or emulation wasn't specified, but it sounds like Sony's answer to the Virtual Console.

DualShock 4 and the new PS Eye: Touch and move
The new DualShock 4 controller is one of the few parts of the PS4 that there are actual pictures of. Much like the advance rumors, it feels like a fusion of the PlayStation DualShock with some of the design philosophies of both the Vita and the Move. It has enhanced rumble, a touch pad, a "Share" button, a standard headphone/microphone jack that will accept standard headphones, and light-up bar that looks like a transplanted top of a Move wand. The two-finger touch pad with click, located right in the middle of the controller, has the same look as the pad on the back of the PS Vita handheld. The DualShock 4 also has a Micro-USB port, Bluetooth 2.1, and Sixaxis gyroscope/accelerometers.

The PlayStation 4 Eye has also been redesigned: instead of the single Webcam-like lens setup before, the new almost Kinect-like bar has stereo cameras, and works with the light bar for motion controls. However, it's an optional accessory: you'll need to pay $60 for the Eye.