Next-generation gaming consoles compete at E3 conference

-Car racing, zombies, star-studded thrillers, and of course Shoot 'Em Ups. You'll find all these next generation games at this year's E3 conference. But it was Sony that made the biggest splash, finally taking the wraps off the slick PlayStation 4. It's first console in 7 years. -PlayStation 4 won't impose any new restrictions on the use of PS4 [unk]. -Players can sell, loan or trade their games. And the PS4 will play older PlayStation games. Two ways Sony is taking direct aim at Microsoft's new Xbox One. -We've had a great relationship with the consumer and I think they've responded with tremendous loyalty. It's obviously a model that works well for them. And why change something that isn't broken as far as we're concern. -Microsoft highlighted a slew of games here at E3, 13 of which will be available only on Xbox One. Forza Motorsport 5 let's your avatar race even while you're away. A feature enabled by Xbox One's always on connection, which has raised privacy concerns. -Kinect is a great device. It captures information and allows you to control. But it stays local, doesn't go anywhere and you're in control of that information. -The competition here between Sony and Microsoft is stiff, but the bigger battle will take place later this year when holiday shoppers try to decide whether they wanna go Xbox or PlayStation 4. The Xbox will launch in November for $500 and Sony alluded to a holiday release for the PlayStation at a cheaper price of $400. Nintendo isn't expected to announce new hardware, but the maker of Wii is updating some of its family friendly titles. Another potentially serious competitor is mobile gaming. -How do you compete against such new big [unk] device like the iPhone or an Android phone. I mean it's really, really difficult, so the companies that you see here at E3 are really, really trying to puff up their feathers so to speak. -The result, big budget blockbusters. But is bigger better? That's for gamers to decide. In Los Angeles, I'm Sumi Das, CNET.com for CBS news.