Sony to launch PS4 for $399

11:02 p.m.: Cloud service will be available in 2014, for PS3, Vita and PS4. Several titles will be available through service.

The PS4 will be available for $399. That's huge.

And with that, the event ends.

10:59 p.m.: Sony will have long-term partnership with Bungie and Activision, but doesn't detail exactly how that will work. Sony's Andrew House shifting to cloud-based gaming and Gaikai.

10:57 p.m. Also mentioned earlier during the briefing: online multiplayer will require a PlayStation Plus membership.

10:55 p.m.: Really cool two-person Destiny demo happening. Great combat. Lots of loot to grab. Deep weapon customization.

10:46 p.m.: Tretton now moving on to Destiny, the collaboration between Halo developers Bungie and publisher Activision.

10:44 p.m.: Tretton specifically says PS4 "won't stop working if you haven't authenticated within 24 hours." Direct shot at Microsoft.

10:42 p.m.: Tretton says there will not be any used game restrictions on PS4 games. Tons of applause. And with that, Sony may have won over many video game fans.

10:39 p.m.: Sony unveils video game based on Mad Max. PS4 owners will get exclusive access to Road Warrior travel kit.

10:37 p.m.: Elder Scrolls Online will launch next spring on the PS4.

10:36 p.m.: NBA 2K14 takes the stage next, with virtual LeBron James chatting with the real LeBron, before a brief taste of gameplay. Now, we look at The Elder Scrolls Online, available on PS4. Very interesting.

10:35 p.m.: Watch Dogs will offer bonus gameplay on the PS4.

Update 10:35: A level from Watch Dogs, another highly anticipated game from Ubisoft, is being played, obviously on next gen hardware. Rain on the vehicles looks so realistic.

Update: 10:30 p.m. ET: World premiere demo of Assassin's Creed 4: Black Flag, which takes place in the year 1717 in the West Indies, has several short freezes but continues to come back to life.

Update: 10:20 p.m. ET: Impressive video of Final Fantasy Versus XIII and a very cool teaser of another in-development PS4 game Kingdom Hearts III.

Update: 10:15 p.m. ET: SCEA third party relations v.p. Adam Boyes lists a roster of indie game makers including Clay Entertainment (Shank), Young Horses, Tribute Games, Switchblade Monkeys and Oddworld Inhabitants (with a full remake of the first Oddworld game called 'New and Tasty'.)

Update at 10:00 p.m. ET: Trailers shown include 'Killzone: Shadow Fall' and 'Infamous: Second Son,' both due first quarter 2014..

Update at 9:55 p.m. ET: Spooky and intriguing 19th Century English horror shooting game 'The Order: 1866' is shown, coming from developr at Ready at Dawn.

Sony worldwide studio president Shu Yoshida says that there are
40 PS4 games in development with a goal of 20 to be launched in the first year.

Update at 9:50 p.m. ET: Andrew House notes that the PS3 is the number one device in the world for streaming Netflix to living rooms. New services coming soon to PS3, Vita and PS4 include Redbox Instant from Verizon.

Sony Entertainment chairman & CEO of Sony Pictures Entertainment Michael Lynton says that film and music divisions will be working on exclusive programming "developed with gamers in mind."

Update at 9:45 p.m. ET: Sony Computer Entertainment president Andrew House unveils the PS4, which looks a bit like a two-toned Xbox One. It's "a console of unparalleled power."

Update at 9:35 ET: People are squealing as Bane appears on the giant screens, previewing the upcoming 'Batman: Arkham Origins' game, out this fall. Joker is on board, too. And a new Batarang that pulls two opponents into each other. PS3 will have exclusive content including a Sixties 'Batman' download.

'Gran Turismo 6' looks impressive. "Not too shabby for a platform going on its 7th year," Tretton says.

Update at 9:30 ET: Sony Computer Entertainment America president Jack Tretton starts Sony event by noting upcoming PlayStation Vita games such as Tearaway from Media Molecule and an upcoming Walking Dead bundle. No word on possible price cut.

After seeing some footage of PS3 release 'The Last of Us' -- out Friday -- we see some video revealing more about Beyond: Two Souls, another upcoming PS3 game. Evidently the character played by Ellen Page is an ex-Special Forces solider. Game is out this October.