Launch Price: no higher than £250
Media: Blu-Ray (anything else is pure stupidity)
Controller: Ship the console with Dualshock 4 and a Motion Sensetive controller, PS4 games should be compatible with either with a few designed soley for one or the other)
Launch Titles: Gran Turismo 6, Resistance 4, Uncharted 3, Little Big Planet: Evolved, New Exclusive IP and PSMotion (for new controller, compilation of fun mini games, ships with console)
Release Date: November 2012 makes sense, MS wont be more than a year ahead of this and Nintendo will probably be 2012 as well.

feel free to add your own ideas, but keep them REALISTIC

I dont think there will be a ps4.

GT6, R4, Uncharted 3, LBP2......all as a launch title?

....O_o

I thought we were talking realistic?

I agree with OP EXCEPT FOR THE LAUNCH TITALS...

having them for launch will bring stong sales attention from fans of the original games, which will be good for the PS4, the should have at least one of thoose games at launch to attract PS3 owners

 But when it comes to actually happening, it's completely unrealistic. Of course it'd be amazing if they did, but that's just wishful thinking.

The PS3's 3rd year sorta just started and I'm still waitin for the "big" exclusives.  

All of it launch titles are sequels. I don't think they are going with motion controllers.

so you didnt read the bit about an new exclusive IP and a motion sense game bundled?

GPU: specs would probably resemble a Radeon 4870
CPU: 22 nm 7x SPU Cell @ 5.0 GHz
RAM: 1 gig of XDR or DDR4
Media: 16x Blu-Ray drive
HDD: 1TB SATA drive
Launch: Either $500 in Q4 2011 or $300 in Q4 2012

Remove GT6 as a launch title.