Well, if it doesn't have anything really new on launch...Why would people buy it.Lots of games still coming to Ps3/Xbox360.

Apparently, software dev cost for PS4 are very similar to what they are for PS3
~http://www.vg247.com/2013/02/21/ps4-dev-cost-isnt-as-scary-as-people-thing-guerilla-games/

its not a console

A laptop is not a computer then right?

This!

all 3 will be great no doubt

"I imagine with the higher specs on offer dev costs are only going to soar even higher."

Someone is going to have to explain this assumption to me. There is no reason why costs should soar, not as far as I can see. Most studios are already producing assets at a high resolution, so it's nothing like the standard to HD jump. Tools are much improved and scalable, and the easier architecture of the PS4 is likely to cut days or even weeks off production schedules.

Costs will continue to rise, of course, they always will, but I've yet to see any reason why they would take the kind of leap some people are predicting.

MS will face the same obstacles. The only difference between Sony and MS is probably that MS can afford a small loss with ever console sold but even then, MS will not take a $50-$100 loss on every console sold cause afterall, they are trying to make money.

Dev costs shouldn't be a problem going into next gen. Assets are generally produced in very high resolution and are ported down, plus most multiplats on PC already look like the next gen demos that Sony has shown off. Just compare the console versions of Crysis 3 or even Batman Arkham City to the PC versions. Yet the costs are identical. Plus, coding on PS4 should be much easier than PS3 due to the PC-like nature of the console.

Pricing on the other hand could be a problem. The console is relatively advanced and appears to be bundled with a new Playstation Eye. Microsoft have enough money to price the console competitively whilst Nintendo already have cheap hardware and will likely drop the price. Having said that, lack of thrid-party support will probably hamper growth of the WiiU whilst PS4 and 720 will have to compete head-to-head on pricing.

I think the company itself is the biggest obstacle, as their decisions after launch can make or break it. That goes for MS too offcourse.