Old man's face:
While it's quite cool how close to realism that face was I highly doubt games can run this during gameplay. It's pretty much showing what a PS4 can handle in term of graphics and 3D models, but they've only shown 1 head in the middle of nowhere. It doesn't really tell me what the gameplay will look like. And as I said there was only 1 head, but what if there are multiple, with entire bodies attached to it with the same realism and graphical awesomeness? I don't think the new console can handle that too well... Well, maybe cutscenes, but definitely NOT the gameplay.
Also this face looked like it's been worked on for months, and games mostly have more than 1 character. If you plan on making a game like the elder scrolls like that then have fun waiting for another 10 years, when the even NEWER console is probably already on it's way.
Livestreaming: While it's great that the ability to livestream is there now without having to buy certain equipment to do so, it seems a bit weird that you can only use Ustream. I know why YouTube isn't chosen, obviously. That's for partners only and as far as I've heard it's pretty terrible, but sites like Twitch are great for streaming and should be added aswell.
Sharing: As far as I've heard you can take screenshots in the middle of the game, cool and all, but so far it seems like you're forced to share it. Why? I'd rather take a picture and decide for myself if I want to share it or not, forcing me to share it just makes me NOT want to take pictures.
The System itself:
Seems somewhat decent, great hardware and all, not to forget that downloading games for hours is a thing of the past. But to my understanding the games will stream from certain servers. How was this a good idea? Sure the downloading is gone but if the servers are down you can't play your games anymore? Seriously? Now it's still going to be a while before the PS4 is released so they might change this, but the fact that you can't even play the games you bought anymore if the servers are down is really concerning me. Oh well, at least it's online services seem to get a big improvement compared to the ones on the PS3...
Now a statements people made about the PS4 that just bug the hell out of me.
"Wow the Playstation 4 now can have even better graphics than the PC games."
No, just no. A PC could handle a game with photorealistic graphics, but good luck paying for such hardware. The thing with the playstation 4 is that it seems to handle great graphics, but unlike PC it's not upgradable. PC can be upgraded for years and years, even now there are beastly computers that can run games like the ones shown on the PS4 with 120 frames per second, not that they're cheap, but they exist. The only issue with this is the operating system of PC, especially with the recent one, Windows 8. If W9 is as bad as W8 that can have terrible consequences for PC gaming in general, but then again, we have Linux as a backup. Thanks for that idea, Gabe!
That's about all I have to say about the playstation 4. But I'll stick with PC, I like to have games that can be modded.