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No backward capability…yet: The PS4 won’t be able to play PS2 or PS3 games, it’s true.

But Sony’s stated hope is that eventually, by utilizing the cloud and the PS4’s existing streaming abilities, that emulation of the entire Play Station line’s library of games will be possible at some point.

Broadcast worldwide, with an admittedly shaky feed, Sony spoke about its new hardware, new games and new plans for the future.

The event ultimately lasted about two hours, and there remains much to dissect.

Credit: Emanual Dunand / AFP/Getty Images Video game designer Mark Cerny talks as Sony introduces the Play Station 4.

Credit: Emanual Dunand / AFP/Getty Images Christopher Vincent Metzen of Blizzard Entertainment announces "Diablo III" for the Playstation 4.

Credit: Emanuel Dunand / AFP/Getty Images PS4 is finally here.

Sony delivered its next-generation console plans to the world Wednesday, debuting the Play Station 4 during an event in New York City.

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What wasn’t mentioned in the event was whether Sony would continue its current Play Station Plus system, which provides basic online gameplay and functions for free while putting a cost premium on additional features, or if it would move toward something like Xbox Live, which puts a paywall on pretty much anything worthwhile.

“Infamous: Second Son,” teased a storyline apart from the first two games, featuring what may have been a new protagonist with the same projectile and mobility-based superpowers.

The hardware specs: The PS4 will feature an X86 CPU, enhanced PC GPU, 8GB unified memory, local HD and GDDR 5 system memory.

So let’s run through the biggest announcements, and absences, from Sony’s major conference.

Release date: At the very end of the event, Sony revealed a vague launch window for the console — “Holiday 2013.” Whether that means October or December remains to be seen, but at least there’s confirmation that the PS4 will launch this year.