Well it's been a few days since I got my PS4 and here my thoughts so far.
The Good:
• The controller is amazing. I didn't expect to be as excited as I was over the new design but holy cow this thing is amazing. The blue light on the bottom is nice. I like to play games in the dark but if I need to find something like the TV remote I can tilt the controller to the coffee table and find it. It comes with an ear bud / mic to if you want to talk with your friends online and don't want to buy a decent headset then there is that option. I used it for 60 seconds and removed it. I don't need to talk smack to 14 year old playing CoD. There's a mute option for them.

• Noticeable improved graphics. I'm a hard core CoD fan. I've played all the PS3 titles from the series year round so it easy for me to sit back and say "Huh. The graphics do look better".
• Larger hard drive is nice but I tend to upgrade my PS3 hard drives so for me it's not a big deal.
• Free games were OK. There is a very decent Warframe game as well as about 4 other titles. First time I tried DC Universe was last night and that looks fun. Resogun I played for 5 minutes and then stopped (Robotron meets Defender IMO). Contrast looks like a good, slower paced less manic game. I haven't had a chance to play Blacklight yet due to server issues.
• I don't have the camera so I can't comment on that piece of hardware.
The Bad:
• Setting this thing up on the day one launch was a nightmare. The servers kept crashing. That was Friday. I was able to finally import my gamer profile and went to the PS store and selected all the free games.
• Download, download, download. I hope you've got a fast internet connection and unlimited bandwidth. Your going to need it. When I put in CoD I had to wait hours because the game needed to download 32 gig of data. That 500 gig HDD is going to go fast at this rate.
• It doesn't do everything. Remember when the PS3 came out they said it does everything? Well, it did. The PS4 is a gaming system. I was hoping the PS4 would be more forgiving with media types like MKV files. Nope. I haven't spent a lot of time looking to be honest but I don't see where I can store my AVI files.
PS3 vs PS4?
Keep them both. Most TV's have multiple ports nowadays. My PS3 library is large and I still have a dozen games I've got to get to or finish off, plus all the games I get free from Playstation plus. Eventually the PS3 will be phased out, but I don't expect that to be for at least another 2 years. The PS4 is for the hard core gamers that want to be able to see detail 3 blocks away in the CoD game or the pores on someone’s skin. It's nice and will have a target market but for the PS3 is still a fine system.