It sounds pretty good. I especially like how they sidestepped the whole back-compat issue that sort of plagued the PS3 with the Gaikai streaming.
Well...they're "exploring" PS3 game streaming. There was no definite timeframe for when they'll be able to actually implement it.
I thought that they did a great job in making the PS4 competitive - the social features are great. I especially love the automatic video snapshots. However...I just can't help but think that MS is going to beat them in a lot of these features. Even if they don't come out with it all at launch, they are more than capable of just adding stuff like sharing capability and purchase notification to their already robust Xbox Live infrastructure. If they decide to use the Win8 kernel, then they'd get a lot of things free like instant on/suspend resume, and maybe they'd be able to move over other Win8 features such as Sharing. I also thought of App V when I saw the Gaikai streaming concept - if they go with x86 architecture, then they would need to provide some solution for backwards compatibility, so it seems reasonable that they too would need to provide a streaming solution as well.