I think Sony just obliterated Microsoft with this press conference. $399, no need for a persistent online connection, no restrictions on used games. Microsoft is looking really bad right now, IMO. I was already leaning towards the PS4 anyway, but after that press conference I'm most definitely getting a PS4.
The paid multiplayer thing is kinda disappointing, but understandable. I used to pay to play multiplayer on Xbox, so I'm used to it, and I think it's a small price to pay for all the other benefits the PS4 appears to be offering.