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I personally hope Sony release with a nice mix of the old and new. Although PS3's launch was a disaster, they did manage to get a couple of brand new franchises out of the gate strong (Motorstorm & Resistance). Sadly the franchises waned in later years, but I don't think that was anything to do that they begun as PS3 launch titles :P

Obviously, the answer is mostly just "the biggest franchises" for each company, with a little bit of "the ones which will be most impressive" in there too. For Sony, that's Uncharted/God of War/Gran Turismo. Two of those could make it to PS4's launch. I feel only one of them will, if that. Which is the perfect chance to get something new out there, really. Although I love many already-existing Sony franchises (personally I'd love to see a PS4 full Ratchet game), I'm more excited about see the new things they have in store.

A Quantic Dream title would probably do a really good job of showing off PS4 at launch, actually. Evidently that won't happen though, with Beyond coming at some point in 2013.