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The PS Vita TV was shown for the first time live connecting to a PlayStation 4 to play the game Knack. The connection took about 10 seconds, and after that, play was pretty smooth. The Vita TV UI was also shown, and it (of course) looks a lot like the Vita's UI.
While playing, it was stated that you could also play over the Internet, but that bandwidth and latency could be an issue - that being said, the presentation was hosted over a local network.
Also today in Japan, Sony announced the PSVita TV (PlayStation Vita TV) console could be used as a streaming client once streaming services are announced. Unfortunately, although it was reiterated that streaming services are coming in 2014 in America, no further streaming service information was given. The streaming service isn't just streaming PS4 games to another room - it also suggests that gamers will eventually be able to stream PS3, PS2, and other games from the cloud, without having ever owned a disc or cart.
As a reminder, the PSVita TV was announced earlier - 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.
Sony announced that they plan to sell over 500 million units of Playstation software. Sony also announced that there were over 620 developers for PS4
Sony is headlining this year's Tokyo Game Show conference, and announced several things during their press conference at 10:30am local time on 9/19 (that's 8pm on the 18th here in Chicago). This is widely seen as Sony's last and best chance to show off their wares or make some announcements to build excitement for their upcoming PlayStation 4 system.
Sony's Press Conference is called "Life With PlayStation 4" and is the Tokyo Game Show Keynote Address.
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