Just when many gamers believed that the flurry of PS4 rumors and speculation were going to drive them insane, Sony finally revealed the PlayStation 4 at the "PlayStation Meeting" in New York City on Wednesday.

While Sony executives teased possible unveilings much later in the year, Sony finally confirmed development of the PlayStation 4 during a press event at the Hammerstein Ballroom on Wednesday, and showed off a handful of launch titles to boot. Several members of the PlayStation team took the stage, as representatives from some of Sony's biggest third-party supporters (including executives from Activision, Blizzard, and Square Enix); however, much of the time during Wednesday's "PlayStation Meeting" was used to show off the new console's technical power.

 The next PlayStation will be powered by an eight-core x86 processor, with 8 GB of unified GDDR5 RAM, and an unidentified advanced PC GPU. According to Sony, the PlayStation will also receive a new feature familiar to PlayStation Portable owners: the ability to shut off a game whenever you need, and resume your session at a later time by simply turning the PS4 back on.

Sony also showed off the redesigned DualShock 4 controller, which looks strikingly similar to the prototype unit which surfaced last week, while  shedding some of the earlier unit's bulk. The company also revealed the their iconic controller will retain its rumble feature, and gain a front-facing touch pad, headphone jack, Share button, and newly worked L2/R2 buttons.

We suspect that most of the PlayStation 4 launch line-up was kept under wraps today, but Sony & Co. did show off a handful of games currently being developed for the next generation console. In addition to fan favorites like "inFamous: Second Son" and "Killzone: Shadow Fall", Sony also revealed showed off new IPs like "Knack" and Bungie's upcoming shooter "Destiny" as well. Blizzard also surprised many in attendance with the revelation that Diablo 3 will make its console debut on the PlayStation 4 later this year.

Sony revealed a number of previously unknown games during the "PlayStation Meeting" on Wednesday; however, many fans' questions about the PlayStation 4 remain unanswered at this time. In fact, while the company showed off the new DualShock 4 and 3D PlayStation Eye, the PlayStation 4 itself remained conspicuously absent from the Hammerstein Ballroom.  We suspect Sony is saving that reveal for this year's E3 gaming convention in June.