It will no doubt be at the top of a lot of Christmas lists later this year.
At 6 p.m. today, Sony is expected to officially unveil the Playstation 4 gaming console. More than 1,000 journalists from around the world are attending the event.
So far, Sony has remained mum on the PS4's specs. Rumors are that the new controller will have a touchpad as well as a microphone and a headphone socket.
Experts say Sony can compete with the yet-to-be announced Microsoft Xbox 720 because of exclusive games.
"They have amassed a bunch of exclusive development teams all around the world. When we see what Sony unveils with their hardware, we should also look for what games they show because just that one perfect game could change everything for Sony," said Kotaku Editor-in-Chief Stephen Totilo.
Rumors say the PS4 will support both disc-based games as well as online streaming games.
The new Playstation is expected to be in stores by Christmas and cost around 400 dollars.