What Sony should do is have Tretton or Yoshida or Cerny or someone come out on stage and start by saying that the PS4 is a device built with developer involvement and with consumer ease of use in mind. Then go on to say that it does not require an Internet connection, does not require the PS Eye to be plugged in, uses the cloud just like any modern device, allows used game trading and selling the same as the PS3 (although Sony themselves will be continuing with the Network Pass scheme), will support remote play with the Vita for all titles (except those few which will be PS Eye reliant), and most importantly, has no form of system-wide DRM. Then show the hardware, spend a bit of time talking about its bits and pieces, and then say something like "Now the boring stuff is out of the way, here are the games!" and show *in game* footage for everything. If the footage is not live, be honest and say "this was recorded yesterday, but the game will be available on the show floor for everyone to try". I think at this point absolute honesty is necessary, because we see through bullshit too easily. Then, at the end of the conference - with most time devoted to exclusive software - finish on a megaton, like FFXV exclusive for instance, or the first look at the new Santa Monica game.
It would be epic.