PlayStation 4 hardware unveiled, priced at $399

Sony has unveiled the official model for its PlayStation 4.

Sony has unveiled the official model for its PlayStation 4. It bears a not unsurprising resemblance to its direct rival, the Xbox One, but smaller and, dare we say, cuter.

Sony also promised a host of crossmedia offerings on the platform from day one, including its Video and Music Unlimited services, as well as Netflix and, at a later time, Flixster.

In the closing of its E3 press conference, Sony has announced it is pricing the PlayStation 4, set to release holiday season 2013, will be priced at $399 US.

This will undercut its direct the competitor, the Microsoft Xbox One, by $100.

It should be noted that multiplayer service is not included in the base console price, but will instead require a PlayStation Plus membership.

Reports are circulating that Sony will be producing several hardware models, with the $399 being "restrictively basic." We will have more details as they emerge.

: Sony has released more information about the PlayStation 4's pricing and specs. Additional DualShock4 wireless controllers for the console will cost $59, while the PlayStation Camera has a similar price tag.

Elsewhere, the console will come with a 500GB hard drive, which can be replaced in the same way that the PS3 hard drive can be swapped out.

It's also notable that Shuhei Yoshida has confirmedthat the PlayStation 4 is region-free, meaning that consumers can purchase games from other regions and play them on any PS4 console.