10:03 - The PS4 will cost $399, 399 Euros, and 349 Pounds. Sony's cloud service will launch in 2014.
10:47 - The world gameplay premiere of Destiny is now capping off the show.
10:46- It appears that Sony is taking a cue from Microsoft and will now charge for online multiplayer using their Playstation Plus service.
10:45 - Playstation Plus accounts will transfer over to PS4.
10:41 - PS4 will support used games and will not need to be connected online to play. This applies to "disc-based games."
10:40 - Mad Max has been announced.
10:37 - The Elder Scrolls Online will launch on the PS4 in Spring 2014. The beta will come first to PS4 players.
10:33 - The PS4 version will have an extra hour of exclusive content as well as a new costume for the protagonist, Aiden Pierce.
10:29 - Now, a gameplay demo of Watchdogs has taken over the stage.
10:26: Ubisoft began playing a gameplay demo of Assassin's Creed: Black Flag, but the title unfortunately glitched before its intended time.
10:18 - At long last, Kingdom Hearts 3 has been announced as a PS4 title.
10:16 - It's official: Final Fantasy Versus is Final Fantasy 15.
10:13 - At last, a Final Fantasy Versus XIII trailer!
10:12 - Diablo 3 will launch with exclusive Playstation-themed items.
10:10 - Sony is talking about Indie developer's ability to self-publish thier content to the Playstation Network. Klei Entertainment's "Don't Starve," Tribute Games' "Mercenary Kings," Young Horses' Octodad: Dadliest Catch, Switchblade Monkies' "Secret Ponchoes," Ragtag Studios' zombie game, "Outlast," Oddworld Inhabitants' "Oddworld" remake, and 17-Bit Games' "Galaxy" will all arrive on the PS4. They are all exclusive console debuts on the platform.
10:05 - Super Giant Games, the creators of Bastion, are now taking to the stage to present Transistor. The game will debut early next year.
10:03 - "The Dark Sorcerer," the tech demo, will be continued tomorrow.
10:00 - Quantic Dream has a new tech demo up and running.
9:58 - Driveclub, Knack, and Infamous: Second Son trailers are being shown.
9:54 - Sony is now showing off the titles that they announced at the PS4 reveal. Killzone is up first.
9:53 - The Order 1886 has been exclusively announced for PS4 alongside a trailer.
9:45 - Music Unlimited will be available on Day One of the PS4. Red Box Instant and Flickster are coming "very soon" on PS3, Vita, and PS4.
9:45 - Sony Pictures Entertainment will marshall their vast resources to bolter the PS4's entertainment services, according to the company.
9:40 - Sony has unveiled the form factor of the Playstation 4. The console is half grey, half black, and appears slighly angular and slanted.
9:37 - Sony will launch a PS3 bundle with GTA V for $299 this fall.
9:36: Nightfall and 1960s Batman costumes will be exclusive to PS3.
9:36 - Sony is showing off third party games now. First up is Batman: Arkham Origins.
9:28 - Next up on the Playstation 3 showcase of games are Pupeteer, Beyond: Two Souls and Gran Turismo 6.
9:27 - Sony is showing off footage of the critically acclaimed game "The Last of Us"
9:25 - Tretton is now evangelizing the Vita's remote play capabilities with the PS4
9:23 - Jack Tretton, President and CEO of Sony, is now on stage. Tretton plans to show off the PS3 and Vita as well as PS4 during the show.
9:19 - After a delay, Sony has kicked off their conference with a compilation video of games they plan to show off tonight.
Sony earned the favor of gamers when it pulled off a classy reveal of the Playstation 4 months ago. Although the company refrained from a full showcase of the system hardware, the event's strict focus on games and its public pronouncements of support for indie developers enticed the community to optimistically look forward to an outstanding E3 showing. While Sony's performance remains to be seen, there are still a few burning questions that must be answered.
What does the system look like? How will the device be priced and when will it launch? Will the PS4 adopt the new approach to used game sales that Microsoft has announced, or will they leverage the confusion created by their rival to endear their selves to consumers. Right now, Sony has the upper hand in public relations, reinforced by clear messaging.
Some of the heavy hitters we expect to see tonight are Killzone: Shadow Fall, Infamous: Second Son, Capcom's Deep Down, and Bungie's first multiplatform game Destiny.
Stay tuned to this page for a live blog of the Sony Press Conference.