Sony confirms PS4 development

Sony vice president and chief financial officer Masaru Kato has confirmed that there is a PS4 in development.
To quote:

For the home equipment the PS3 still has a product life, but this is a platform business, so for the future platform – when we’ll be introducing what product I cannot discuss that – but our development work is already under way, so the costs are incurred there.

We all know Sony always likes to contradict and deny it self, this is what Kaz Hirai said a while back:

“a near-future PS4 or next-generation home console is not something that we are even debating now”.

Don’t get all excited and sell your PS3, it is expected that the PS3 will have a ~10 year life span, so we should be good for a few more years . It will be interesting to see how the PS3 will preform against next gen consoles such as Wii 2 and “Xbox 720″ if they are released earlier than the PS3.
What do YOU expect from the PS4?
[VIA Eurogamer] - Thanks to daxgr for news tip