This thread got me thinking about the f eatures I would want in the PS4 and here are my feature wishlist.

1. Complete BC with PS3,PS2,PS1.  This is the most important feature for me and for most of PS fans.  I want to play Uncharted 1-4 10 years from now.  That would be a fun marathon.

2. Peripheral compatibility with DualShock3 and other PS3 compatibility.  While this is not really that big of a deal, me and a lot of current PS3 owners will be thankful to sony if we don't have to buy another set of controller peripherals just for PS4.  It's bluetooth, what the hell else can they improve on it? 

3. A more reliable WiFi.  The current wifi support of PS3 is crummy, configuration is kinda hinky too.  There is a lot to improve in this area and this will save a lot of customers from being frustrated with Online games.

4. Much bigger RAM size.  I think the current RAM specs of PS3 is limiting for developers, expanding it to a significantly larger size would improve game quality.

5. Support for Multilayer BluRay (250GB?) and Faster Disc Read Speed.  Duh.

6. Next-Next Gen GPU.  Or Next-Next-Next-Gen, if that's possible.  The farther away from current PC technology, the better.  We'd have native 1080p and support for the next HDMI standard.

7. Launch Price Should be $299. (or similar price taking into account inflation)  This seems to be the sweet spot for consoles.  Sony should not take cue from mobile devices, that's a different market altogether, consoles are different.  If Sony launches at this price, PS4 will sure to be the reincarnation of PS2.

With those features in PS4, I would welcome the transition if it were 2011 but I highly doubt it.  The re-engineering cost for PS3 slim still hasn't been that profitable yet.  

Think about it, all you have to do is buy a console and all the stuff you bought for PS3 will still work.  You'd have a next-gen console and still be able to play PS3 games just like before.  That wouldn't be too bad, don't you think?

4. Nope, twice the ram would be more then enough.