Sony (SNE) on Wednesday finally took the wraps off of its highly anticipated PlayStation 4 video game console during a press conference in New York City. The next-generation PlayStation features a brand new design, new controllers and a serious bump in specs that will give developers a platform on which they can push the boundaries of home gaming like never before.

The PlayStation 4 is powered by an x86 “Jaguar” AMD processor with eight CPU cores, an enhanced GPU with 18 “compute units” capable of 1.84 TFLOPS, 8GB of GDDR5 RAM, 802.11n Wi-Fi, Bluetooth 2.1, USB 3.0, HDMI-out and an optical port. It will also ship with Sony’s new “DualShock 4” controllers, which are similar to the current-generation controllers with the addition of a touchpad, a stereo camera for 3D position tracking, a share button that allows users to stream live gaming to their friends’ consoles, and other new features.

The full specs from Sony’s press release are as follows:

Main Processor Single-chip custom processor CPU : x86-64 AMD “Jaguar”, 8 cores GPU : 1.84 TFLOPS, AMD next-generation Radeon™ based graphics engine Memory GDDR5 8GB Hard Disk Drive Built-in Optical Drive (read only) BD 6xCAV DVD 8xCAV I/O Super-Speed USB (USB 3.0) 、AUX Communication Ethernet (10BASE-T, 100BASE-TX, 1000BASE-T) IEEE 802.11 b/g/n Bluetooth® 2.1 (EDR) AV output HDMI Analog-AV out Digital Output (optical)

Among the exciting features covered during the unveiling is a new sleep function that keeps the PS4 on in a low-power state when not in use, completely eliminating the hassle of waiting for the console to boot up. The new PlayStation will also be able to download new games like most consoles can, but gamers will be able to begin playing them immediately following a purchase while the bulk of a game file continues downloading.

Sony will introduce a new technology with the PS4 that allows users to take control of friends’ controllers over the network to help them when they’re stuck in a game — a feature that will be welcomed by many.

The PlayStation Network is being updated alongside the launch of the new PlayStation 4, adding a wide array of new social features like Facebook integration, as well as a new own-brand social network dedicated to gaming. New multicasting and cooperative gaming features will be introduced as well.

Another highlight from Wednesday’s announcements is new PS Vita integration, which allows games to be streamed from the PlayStation 4 to the Vita, thus moving the game off the TV and onto a portable device. And while Sony is working on cross-compatibility features with older games, PlayStation 3 games will not be natively supported on the new PlayStation 4.

Sony’s new PlayStation 4 will launch ahead of the holidays this year.