This will be the first time I decide not to buy a new gen console and its not only because i am getting old and somewhat losing interest in video games. (PS4 and Xbox One are similar in many ways but will focus on PS4 here).
First the non-gaming aspect. The PS4 is inferior to the PS3 in media centre capabilities etc which I find astonishing. Hard core gamers like to say: "good its a gaming console" but lets face it, having some decent media centre software doesn't take away from its gaming capabilities one inch - no DLNA either. They can change this with updates but you are getting an inferior product to the PS3 at least from a non-gaming perspective.
OK now for gaming. It has superior hardware to the last generation yes. However, the increase is no where near as great as it was from PS2 to PS3. Sony was losing over US$200 per console on the PS3 when it came out and now they are break even on each console they sell. That tells you a lot. It tells you that in theory you can build a gaming PC for less than $100-150 more than a PS4 and play games on ultra settings at higher frame rates. When the PS3 came out, you had to spend well over $1500 to have the same performance as a PS3 - now you can buy a PC for $500-600 that has the same power as a PS4. This tells you that Sony could be prepping for a shorter lifecycle on consoles whos next generation is never backwards compatable.
A PC is more expensive at first - say $150 more for the same hardware performance. However, to play on-line you will need to pay $60 a year. The games are MUCH more expensive than PC. PC games are AT LEAST 30% cheaper for new releases and can be a fraction of the cost if you think about bundles using steam etc. Of course, PC hardware becomes obsolete faster when it comes to playing the AAA titles - but you can update your graphics card every 3 years and thats it. A good graphics card to play AAA titles you can buy for less than US$200. Overall, the gaming experience is superior and works out to cost the same and its a proper Home Theatre PC.
More and more PC games are becoming controller enabled so you can play them with an Xbox 360 controller hooked up to your TV.
Anyway, thought I would share those thoughts.