The only hype the PlayStation 4 has to live up to is not restricting disc-based games. By trying to appease game publishers, Microsoft has synthesised a large marketing issue where none previously existed. By simply staying with the current model, Sony can elevate the PlayStation 4. Effectively, Microsoft handed Sony free hype fulfillment.
I think even more critical is the price difference. Many friends of mine jumped to xbox 360 from the PS2 because of how much cheaper it was. Now we're seeing the same thing in reverse. There will still be people who buy the One, but the surge of converts will be exacerbated as people convince friends through word of mouth and peer pressure to adopt the same platform. Assuming what we know remains so, it's Sony's game to lose.