Today in Japan, Sony announced the PSVita TV (PlayStation Vita TV) console. For just $100, you can stream PS4 to anther TV, or play PlayStation Vita, PSP, and PS1 games on TV. You can also stream Netflix and other services.
Here's the concept video for the system. You can play several different kinds of games and movie services on the device, and later in the video, you can see that it connects to the PlayStation 4 to allow you to stream PS4 content to another room.
The Vita TV console isn't compatible with all PS Vita games, as many of them use the touchpad, and since this console uses the PlayStation 3 controller, touch support is lost. Sony has a compatibility list for the console here: http://www.jp.playstation.com/psvitatv/game/psvitalist/ Interestingly, the PS3 controller isn't included with the cheapest version of the system, although Sony has indicated that there will be bundle versions sold in the future.
As you can see from the picture below, the system is absolutely tiny, with the PSVita cart slot taking the majority of the room on one side. A PS Vita card is about the size of a Nintendo DS game - this console is absolutely "wallet sized."
PS Vita, PlayStation Portable, and PlayStation compatibility means that this system will be able to play approximately 1300 titles on launch day.
The Vita TV will be out in Japan on November 14, and will cost about $100.
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