What has me kind of worried is that they did that one slide where they showed how games have come from cartridges, to CDs, to DVDs in the early days of gaming. They never, at any point in the presentation, mentioned whether or not this system will use an optical device or will be pure digital. The way they described how they are integrating the Gaikai stuff into the PS4 and how you can download games in the background and instantly play them, I have a really sick feeling that this will be DIGITAL DOWNLOADS ONLY. This way they can get rid of all the used game stuff, and also get rid of having to include an optical drive. Since they were super hyping the instantaneous functionality of it, having an optical drive would kind of go against that.
Also, a lot of what they were saying sounds like it will be "features" that are only available to a PS+ subscriber. Sure, you will have to download games to your hard drive in order to buy them, but for PS1-PS3 games, you'll need to have a PS+ subscription. That really turns me off if my interpretation of the presentation is correct.
Also not really a big fan of all the seemingly forced Facebook/Twitter type social media network stuff. I can see that being very dangerous for someone if they accidentally blurt out something "naughty" and it gets posted on Facebook with your name and information attached to it. The next day at work, you find a pink slip on your desk because you said something bad about your boss while online and now everybody knows exactly who said it. On the other hand, I like the removal of some of the anonymity which will hopefully prevent a lot of the dipshits out there from harassing everybody because their pot-altered mind thinks it's funny.
Watch Dog looked AWESOME and I would be looking forward to playing that. Still, this initial presentation doesn't make me scream "I NEED TO GET ONE NOW!". Yes, it piques my interest and the visuals were amazing looking, but the things that I have the most fear of (digital content only, required pay subscription to make use of the features, high price) were not answered.
All the talk of the full connectivity all the time is great if you live in an area with a great internet connection and no bandwidth limits, but most of the world is not like that. The PS4 could turn out to be an INCREDIBLY expensive system if you have to pay the upfront cost, the subscription cost to make use of the full features of the PSN, and either a higher per month internet bill or "you've exceeded your bandwidth cap this month so you are being served a hefty fine" from the cable company.
Still, the overall presentation was good as it piqued interest and still left them plenty more to say about the system later on.