Partially, yes. Various elements are contributing to it's succes;

It's well priced, word of mouth is great, the competition is doing bad to really bad, last generation went on too long, the PS brand has always been bigger than that of the competition, Sony didn't fuck up, PS consoles have more IP's and longer software support and Sony is better at distributing the console itself compared to Microsoft and Nintendo, they launch their products in half the world's countries quite fast.

Among others!

I don't think people look at previous gens as much as we think they do. Nes guys flocked to the Genesis because that system was awesome (though they stuck with Super Nes, too). Everybody flocked to the PS1 and then the PS2. PS2 guys flocked to the 360 and Wii (though they stuck with the PS3, too). It's a case by case thing. People aren't loyal to a brand, for the most part. They see something that they like and fits their needs and they buy it.

They look at the Wii U which doesn't even have as much support as the 7th gen and a small bump in performance. They look at the Xbox One which doesn't have as much power as the PS4 and its more expensive. Then they look at the PS4 which doesn't have a price disadvantage, a power disadvantage, or a third party support issue. It's the obvious choice. That doesn't take away from anything the 7th gen consoles did. Hell, I STILL play the 7th gen consoles with a smile on their face and I can honestly say that none of them were a disappointment.

I dont think its hype as much as price point. X1 will sell a ton once its $400 as well. PS3 sales went up quite a bit at that point as well as 360(the 60 or 120gb console, people didnt really want the arcade @400). The people buying 4 @$400 are likely the same group that bought the 3 at that point.

Ok so this answer is not just for the OP, but for every other "Is this why PS4 is doing well?" posts: It is better than the competition in EVERY. SINGLE. WAY. (That matters). We good? Ok now we can move on...

I don't think so. I think it has more to do with disappointment with XBO itself, along with higher price.
For example, I'm a happy xbox360 owner who still don't see any reason why I should get a XBO instead of a PS4.

Even if the X1 was 400 it still wouldnt sell as much as the PS4. Maybe in the US, but not in europe.

If X1 isnt cheaper you can forget about european sales. Besides, now that the PS4 has a huge momentum, theres really little they can do to change the situation. As the proverbial says: The people have chosen. The PS4 is gonna be sold out all the way till the summer if not longer.

I think it's more to do with this time PS4 holds almost all the cards - most powerful, cheaper than it's main rival, continuing excellent first party support from Sony etc. which means that whereas usually the hype would be spread more across the three manufacturers, this gen most of it seems to have gone Sony' way. Even PS2 didn't have all those advantages

Basically, people know a good thing when they see it

It´s just that Sony pushed all the right buttons this time with the public, while the other two have fucked up in several areas.

For all the recent doom and gloom talk about the industry, I wish all three had pushed the right buttons , that way we could have a more accurate view of the state of things.

I think OP is on to something.

The games list is the reason, if all you want to play is COD and shooters like Halo then the Xbox 360 had you covered. But if you wanted a huge variety of games and some blockbuster exclusives like TLOU, God Of War, Metal Gear Solid 4, Heavy Rain, and others that aren't shooters, PS3 was your console.

In addition to this Sony still supports the PS3 whereas Xbox stopped making good 360 games years ago and spent lots of time making Kinect games that not many people wanted to play. People remember that now in the current 8th Gen.

Plus PS+ walks all over Live Gold in terms of value.

Then there's higher specs/resolutions on games for a lower price.

As you see this list could go on for days...