Lots of bad news (as someone who uses their PS3 to do a lot of media streaming and cd playing):
Source:
http://blog.eu.playstation.com/2013/10/30/playstation-4-the-ultimate-faq/Quote:
Will users be able to replace the PS4 system’s stock 500GB hard drive? What hard drive sizes are supported?
PS4 owners will be able to replace the PS4 system’s standard hard drive. The PS4 system’s hard drive is used to store downloaded game and video content, game save files, gameplay movies and images, and more.
What type of hard drive does the PS4 system use?
The PS4 system is equipped with a 5400 RPM SATA II hard drive. Users can choose to install a new hard drive so long as it complies with these standards, is no thicker than 9.5mm, and is larger than 160GB.
Will users be able to connect an external hard drive to expand storage on the PS4 system?
No, this feature is not supported on PS4.
Quote:
When playing disc-based games on the PS4 system, do I need to install data to the hard drive?
Yes, all PS4 Blu-ray Disc games must be cached to the hard drive to ensure a smooth gaming experience. However, certain titles may not require you to wait for the game data to be fully cached before starting gameplay. In order to start playing disc-based games, users will need to insert the game disc into the PS4 system just like on the PS3 system.
If I rent a game disc, and then decide I want to buy it digitally, can I use the installation to avoid downloading it and just activate my license?
In this example, you would have to delete the disc install data and fully install the digital version of the game.
Quote:
Can I listen to audio CDs using the PS4 system?
No, the PS4 system does not support audio CDs
Quote:
Will the PS4 system support media servers or DLNA support in order to stream videos or movies from a home PC?
The PS4 system does not support client functionality for media servers.
Quote:
Will I be able to play background music while I play PS4 games?
Yes, the Music Unlimited streaming service will allow you to listen to music while you play PS4 games. A subscription to Music Unlimited is required. Get full details here.
Does PS4 include a music visualizer feature?
No.
Will I be able to play MP3s on the PS4 system?
No.
I love that after all this time, we're not able to take our own music and play it during a game. That was functionality that was in the original, first xbox! 2 steps forward, one step back. The system comes with a 500GB drive, and they're saying games have mandatory installs of 30-50GB (for release games). That system is going to fill up fast.