It has an un-speced x86 proc, unknown GPU, 8gb of ram, unknown HD, unknown video/audio output, unknown other ports, unknown network capabilities, unknown online experience.
It will have a lot of good games.
It will have remote play on the Vita, just like PS3
It will support the Move controllers, just like PS3
It will have all the popular media apps (netflix etc) just like PS3
It will not support backwards comparability at launch, but one day down the road you can get digital copies of old games from the cloud (presumably at a cost).
Oh and you can share/stream stuff which is actually really awesome, though for some reason they are using Ustream and not Twitch?!
All in all that was pretty lackluster, from a PS4 point of view. The games looked amazing but that's not what we were here for. Where was the meat and potatoes about the console? Heck why did we not even see one?