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Sony won a major battle in the next-gen console war last night, simply by undercutting its rival. The PlayStation 4 will cost £349 in the UK, £80 less than the Xbox One.

Fans of frugal gaming will also be cheered to learn the PS4 will let you play second-hand games with no restriction at all -- Microsoft will let games publishers decide if you can do that or not, and it'll let them charge you for the privilege. Nor is there a requirement to connect to the Internet every 24 hours like Microsoft's machine.

Just to really rub it in, Sony has released this tongue-in-cheek how-to video to reiterate just how easy it is to lend your PS4 games to friends.

Brits may be concerned to hear that the PS4, like the Xbox One, is significantly more expensive in the UK than the US. Our cousins across the pond will only have to shell out $399 -- when you knock VAT off our price and convert theirs, Americans are paying £256 compared to our £290. I've asked Sony why that is and will update when I hear back.

One reason for the Xbox One being more expensive is the included Kinect camera, which isn't optional any more. The PS4's Eye will be sold separately and cost $60 (£39).

Sony revealed a bunch of exclusive games, including Final Fantasy XV and steampunk shooter The Order: 1886. Disney RPG Kingdom Hearts 3, Assassin's Creed: Black Flag and Destiny, from original Halo-makers Bungie, won't be exclusive but were shown off for the first time. Indie games got a huge section of the show, with Bastion-makers Super Giant Games revealing their new effort Transistor.

One gobbet of bad news is that the PS4 will require an annual subscription to play multiplayer online games. Currently £40 per year, PlayStation Plus also gives you access to older games for free. The ability to play online games free of charge was a major selling point for the PS3, compared to the Xbox 360's Xbox Live sub. On a more positive note, the PS4 will be region-free, so you can import bonkers games from Japan with no trouble.

What do you think of the PS4's price? Is it still too pricey? Is it annoying that you have to buy the Eye separately or is Microsoft stupid for insisting on including Kinect? Enter the fray in the comments below, or over on our Facebook page.

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The blocky, angular console is mainly matte but has a glossy section for contrast.

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Who doesn't love a black parallelogram in their living room?

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Round the back: vents! Lots of vents.

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