Most definitely a PS4 reveal, with all specs & features revealed - leaving game announcements for E3.
I would agree PS4 announcement, but I don't know how many details we'll get.
I don't think they can afford to make that mistake again, and Sony probably knows that.
$399 seems like a reasonable guess - unless the specs are crazy.
I think that is very reasonable though $499 wouldn't be too bad either if it has monster specs.