PS4:
Following Wii's lead, making the blue ocean red.
Small form factor, cute, attractive, acceptable to women. Low initial price ($300, tops). Near current-gen graphics. Built-in PSeye, advanced Johnny Lee style motion control. Wow factor: 3D Graphics used in conjunction with motion, feeling like you're actually dodging projectiles.
I feel Sony will go the Johnny Lee style 3D route, since it can be single player only. Nintendo will focus on something more multiplayer & family friendly.
And it's too early to predict, but based on what Sony's been doing recently, I'm pretty sure PS4 will tank.