500GB-1TB
500GB is entry level size for HDD even now, by PS4 launch it will be dirt cheap and 250GB model could already be in short supply and actually more expensive and with no warranty of having the necessary supplies of them.
32 or 64GB flash memory model could be introduced after one year or later as the first entry level model priced $299 (during the first year $399 should be an acceptable entry level price).
Edit. PS I agree with many people that the HDD will have to be standard, not proprietary, and easily replaceable, like in PS3, otherwise it will be perceived as a step back.







