I didn't see anything that suggested no physical media. Seeing as how Sony invented Blu-ray and there are reports that the next Xbox will adopt a BD drive, I doubt Sony will abandon it now.
Always online would make me hesitate too. There are too many outages in my neck of the woods to tolerate that. Part of the advantage of console gaming is the added security of being on a closed system. There has been very little in the way of piracy on consoles.