The PS4 vs Xbox 720 release date war is in full swing following Sony's PlayStation event last week, which hyped the next-gen console but didn't answer any real questions like what it looks like, when it's launching and how much it costs. How will Microsoft keep up? Read on for more PS4 vs. Xbox 720 release date news, specs and price rumors.

The PS4 vs. Xbox 720 release date battle didn't really start until Sony's PlayStation event last week, and although we still don't know what day the console will launch we have a pretty good idea when both system's will hit stores. Both will launch in time for the 2013 holiday shopping season, and it turns out they may actually come out within just days or weeks of each other.

The PS4 release date was announced as simply "Holiday 2013" at last week's Sony event, leaving many gamers dissapointed ad hungry for more information, notes our sister site iDigitalTimes. However, popular gaming blog Kotaku claims to have spoken with a Sony inside who revealed that the console will launch in November.

Meanwhile, the Xbox 720 release date has also been pegged for November 2013 in an article from Trusted Reviews. It shouldn't come as much of a surprise that the PS4 vs. Xbox 720 systems will launch on the same day. Neither company is likely to let the other get much of a head start for fear of losing their market share. That's why we believe VideoGamer when they report that Microsoft will have it's own special event next month at the Game Developer's Conference (March 25 to 29). http://www.gdconf.com/ Before you get too excited though, it's pretty likely that we won't get to see the Xbox 720 itself at the conference.

However, we're hopeful that by E3 2013, the PS4 vs. Xbox 720 release date race will have progressed to a point where we'll get to actually see what the next generation consoles look like. With the entire gaming world's attention focused on the expo, E3 would definitely be the perfect place to put both systems on display and let Sony and Microsoft duke it out in front of the world.

The real question in the PS4 vs. Xbox 720 release date battle is who will show their hand first. Which company will unveil their next-generation gaming console design to the world first? When Sony announced their big PlayStation event we had high hopes the Japanese company was prepared to shoot first, but we walked away disappointed and hungry for more. Now Microsoft has the chance to reveal their design first. But will they take it, or will this game of PS4 vs. Xbox 720 chicken continue for months?

We really shouldn't be surprised by Sony's decision to keep their console design a secret and continue playing defensively in the PS4 vs. Xbox 720 release date race. After all, Sony CEO Karz Hirai promised not to unveil the system until Microsoft went first during an interview last month with The Times (via IGN).

"Why go first, when your competitors can look at your specifications and come up with something better?" Hirai explained.

It makes sense that both Sony and Microsoft would drag out this point of no return in the PS4 vs. Xbox 720 battle. After all, like Hirai says, once your show your hand you can't take it back. Whichever company holds out longer will have a second chance to re-do their designs and beef up their specs in order to draw consumers away from their competition.

At the time, IGN's Daniel Krupa questioned the claims made by Sony's CEO, arguing that the this PS4 vs. Xbox 720 battle could only last so long before someone cracked.

"With Nintendo already out the next-gen blocks with the Wii U, can Sony hold its bottle until the Microsoft announces?" asked Krupa. "Surely his comments are slightly disingenuous, since there would be relatively little scope for changing the specs of the PlayStation this late in its development cycle. It's more likely that the additional time would be use to adjust the messaging surrounding the announcement."

At the time we agreed with IGN, but now it's clear that Sony wasn't bluffing. The PS4 vs. Xbox 720 release date battle will continue with both companies on the defensive. Microsoft has a chance to make the next move, but there's no way of know if they'll take it or try to wait out Sony.

That's all the release date news we have for now, but read on for PS4 vs. Xbox 720 specs.

Sony PS4 Specs:

-8GB of RAM

-1.84 teraflops

-Backwards compatibility uncertain

Microsoft Xbox 720 Specs:

-8 GB of RAM

-1.23 teraflops

-May block used games

-Blu-ray drive

-No backwards compatibility

PS4 vs. Xbox 720 price speculation:

The price for the PS4 and Xbox 720 remains a mystery, and after Sony witheld the information at their announcement last week gamers are beginning to worry that they may be looking at yet another exorbant PlayStation launch price.

However, there's still reason to believe that both the PS4 and Xbox 720 price could be under $400. According to OXCGN, an anonymous console developer recently leaked pricing information on Reddit, revealing that both Sony and Microsoft could make a profit of each sale without raising the price about $400. The alleged insider went as far as suggesting that the system's would range from $300 to $350 in cost.

Learn more about the PS4 release date, specs and features:

-PS4 Controller Specs & Features: Touchpad, Share Button, Light Bar, Camera, Headphone Jack And More [PHOTOS & VIDEO]

-PS4 Specs, 3D PlayStation Eye, DualShock 4 And More Revealed By Sony During PlayStation 4 Press Event