Given the transitional state of console gaming, the success of the Xbox 360/Kinect, and Nintendo's experiments with a new controller type, Sony will need something big for the PS4.
The core building block appears to be AMD hardware.
Information about the inner workings of the next PlayStation have been trickling out for some time, with no way to determine how accurate those bits and pieces are. Nevertheless, the reports are interesting and could point to a trend on how console makers are planning to keep today's consoles relevant in their own game as well as in a trend that is leverages general purpose applications that merges active entertainment (gaming, social engagement) with passive entertainment (audio, video, TV). The PlayStation-centric site PSX Sense reports that Sony may be building they next console, code-named Orbis, mainly on AMD hardware.
There will be a Fusion processor codenamed Liverpool. The APU may have four cores and run at 3.2 GHz. the site also lists a "Tahiti" R10XX GPU that is capable of 1,843 Gflops at 800 MHz clock speed, 2 or 4 GB memory, a Blu-ray drive, HDMI 1.4 support, 16 GB Flash memory and at least 320 GB HDD space. The launch date is sometime in 2013.