PS4 has so much momentum right now it's going to be hard for it to fail. DRM and online requirements (which are unlikely because of the massive backlash MS got) are pretty much the only things that can kill it besides a massive price tag. With the system using mostly mainstream PC parts, I don't think that the price will be very high. Another thing that will help keep costs down is the fact that they're using AMD parts and not Intel. AMD parts are a lot cheaper than Intel, I think this will also at a major part in keeping the price down by a large margin.
All Sony has to do is learn from the gigantic screwup that MS made with the Xbox One, and announce a reasonable price and they will be well in the lead. With over 40 games being announced at E3, they easily have MS beat in the games department. They also have the FPS developing mastermind, Bungie, behind them this time around with an all new IP that will have real time in-game footage on the PS4.
Bungie single handedly made the Xbox 360 a major system with Halo. Everybody was playing Halo. Yes, they did have Gears, but it was nothing in comparison to Halo. Now, PS4 has Destiny, and I think it's going to be a lot better than Halo.
MS may have CoD behind them, but CoD is getting stale in a big hurry and the inclusion of a dog is not impressive to me. Besides CoD, MS only has 4 major exclusives and even though they have 8 new exclusive IPs to announce, I really don't think that they are going to be enough to take Sony's momentum into the next console generation.
CoDs ticking time bomb,
Its not going to fail especially if they come out with no DRM and keep the price under $450. It will sell like hot cakes.
No DRM???? It's going to happend. sony will use the same model xbox one has but will sugar coat it for the sheep to eat it up like they are helping the gamer.
3rd party's will have DRM on ps4 but ps exclusives should be DRM free