Just got my PS4 a few hours ago (thanks Amazon; Great "Launch Day" delivery service) and I've got some late impressions:
Cons:
1. The controller is small for adult hands and the thumbsticks are too small compared to the ones found on the Xbox 360 controller, so while they've upgraded to sticks with somewhere to comfortably rest your fingers, they've still missed a huge trick in terms of ergonomics. I'm impressed with the audio capabilities of the thing, but man.....whyyyyy.
2. The light on the controller reflects in my TV and is incredibly annoying. If they don't offer an option to turn it off, I'll be electrical taping over it.
3. The finger swiping on the touchpad in Killzone makes me want a revision 2 PS4 controller without that touchpad in a hurry. No. Thank. You.
4. The interface is a step down from the XMB. Instead of having it all on one line, they've got it on two lines. It's not pleasing to the eye and it isn't intuitive.
5. Minor interface issues (like installs not having progress bars and stuff like that) abound, but I'm sure they'll fix them up in later patches.
6. It's kind of shockingly loud in game. I thought this was supposed to be a low heat/low power box, but it's definitely audible when the fans kick in during gameplay.
7. There is a weird clicking noise when it powers on and the HDMI cable is kind of loose...I'm a bit worried on both fronts.
8. The box is crap. There's one piece of really terrible tape holding it closed and without that tape, the top kind of just comes right off. I nearly dumped the PS4 out when I took it out of the shipping box. I could see how some failures could be due to mishandling.
Pros:
1. Everything feels pretty snappy from twitch streaming to downloading (very fast! Much bandwidth used!) things from the store. Pausing/resuming a game is fast, simple, and seemingly pretty foolproof (I wonder how it would work in something like Dark Souls where the game doesn't have a built in pause).
2. The controller is definitely an upgrade over the DS3, so at least they've got that going for them.
3. It's definitely a huge graphical upgrade over the 360/PS3. I've only played Killzone and Resogun so far, but with Killzone especially, there's no way this would have been remotely possible on those consoles. I was kind of putoff by some reviews that were like "Well mayyyybeee it looks better, I don't knowww"; It looks better. Does it look as good as my gaming PC? No, but the video card in my gaming PC cost more than the entire PS4. We should finally have a clean 1080p signal with some anti-aliasing in most games out of this thing at an acceptable frame rate.
4. The console looks damn good. If I were a monkey, I'd stand it up vertically and worship it.
5. It deserves it's own number: Download speeds. Resogun came down in a couple minutes on my 60mbit line. We're finally out of the PS3 era speed ghetto.
I'm happy with this thing so far. I'm sad that Dead Rising isn't on it (or the new Mario for that matter, or Wind Waker HD or...you get the idea) but once the exclusives actually hit, this thing should really shine. Resogun is great and all the third party titles are there, so if I didn't have a gaming PC, I'd probably be over the moon.