As it ws expected, Sony today unveiled a slimmer, lighter, cheaper version of its PlayStation 4, as well as a Pro device targeted at hardcore gamers that features high-resolution images and a 1TB hard drive. The company revealed the long-rumored updates to its video game console at an event in New York's Times Square Wednesday.

The slimmer, more energy-efficient PS4 effectively replaces the existing model. It will cost $300, down from $350 for the previous version, and go on sale later this month in most markets.

Unlike Microsoft’s new Xbox One S, the PlayStation 4 Slim doesn’t even bother to add 4K support for media playback. On the plus side, the PS4 Slim and the original console will both support HDR TVs thanks to a firmware update coming next week. When comparing the new PS4 standard model (Slim) to the current model, Sony's engineers have reduced volume by 30 percent, weight by 16 percent, and power consumption by 28 percent. The form factor of the new system inherits the slanted body design of the previous models, with the foreside and backside of its body slightly angled. The corners are trimmed and curved.  The new simple look, with gloss finished PS family mark designed on the center of the top surface, will fit perfectly wherever it is placed.

You’ll have to wait until the also-announced PlayStation 4 Pro’s release for that. The Pro will run the same PlayStation 4 games as the Slim, but with faster frame rates, higher resolutions, and more graphical bells and whistles, all for a relatively scant $100 price premium.

The PS4 Pro can output 4K and HDR video, which is powered by an upgraded AMD Polaris-based GPU (4.20 TFLOPS). However, even if you own an HDTV that does not support either 4K or HDR, PS4 Pro still provides a number of benefits. All games will run in 1080p resolution, and some will even run in a higher or more stable framerate. Sony also boosted the clock rate for the new PS4 Pro, and has added a 1TB hard drive. Interestingly, the PS4 PRO does not support Ultra HD Blu-ray discs. As it is, the capability to play 4K movies from discs is one thing Microsoft can claim as an advantage over Sony with its Xbox One S.

On stage, Sony showed off actual 4K game footage from games like Spider-Man and Deus Ex: Mankind Divided, not just 4K video running through the PS4 Pro. Titles like Call of Duty: Infinite Warfare and Modern Warfare: Remastered will be able to support PS4 Pro's extra capabilities out of the box on day one, while Battlefield 1 and FIFA 16 will be supported later this year, and Mass Effect: Andromeda gaining support next year.

PS4 Pro will also improve the PlayStation VR experience. Developers will be able to increase the crispness of scenes, up the frame rate, and more. Netflix and YouTube are also developing new apps specifically for the PS4 Pro.

Sony isn’t the only one beefing up its hardware. At E3 this year, Microsoft unveiled a new version of the Xbox One codenamed Project Scorpio, which will similarly add 4K support and more power, while also adding support for virtual reality games as well. Microsoft is expected to launch Scorpio in fall 2017.

New peripherals

Sony also announced new peripherals for PlayStation4, including a new Wireless Controller (DUALSHOCK4), a new PlayStationCamera, as well as a vertical stand specifically designed for the new slimmer PS4™and the PlayStation 4 Pro systems – all will become available in Japan, North America and in Europe starting from September 15, 2016. SIE will also introduce the Platinum Wireless Headset this holiday.

New Wireless Controller for PlayStation4 (CUH-ZCT2 series)

The new Wireless Controller for PS4 (DUALSHOCK4) allows the light from the light bar to emit on the touch pad, making a new luminous line in the same color as that of the light bar. This provides gamers with visual information, such as which character they control or health status, at a glance. Furthermore, the new DUALSHOCK 4 supports USB communication in addition to the currently available Bluethooth communication, allowing users to have control also via cable. The DUALSHOCK 4 wireless controller will be available at a manufacturer's suggested retail price (MSRP) of 5,980 yen, $59 USD, €59 and £54.

New PlayStationCamera (CUH-ZEY2 series)

The redesigned PlayStation Camera (PS Camera) inherits all the features available on the current model, including PlayStation VR (PS VR) support, and features a new compact cylindrical form. PS Camera includes a stand allowing users to adjust the angle of the PS Camera and set it up in their preferred location, such as on top of their TV or entertainment center. The new PS Camera will be available at a MSRP of 5,980 yen, $59 USD, €59 and £54.

Vertical Stand (CUH-ZST2 series)

The vertical stand is specifically designed for the new slimmer PS4 and PS4 Pro. The stand was made with translucent material to resemble the "shadow" of the system when set vertically. Two different attachments are bundled so users can mount either the slimmer PS4 or PS4 Pro with ease. The new vertical stand will be available at a MSRP of 2,280 yen, $24 USD, €19 and £16.

Platinum Wireless Headset

The Platinum Wireless Headset, which will be available at a MSRP of 18,000 yen, $159 USD, €179 and £129, is a high-end gaming headset that makes games on PS4 come alive with rich audio. The headset boasts premium construction and materials for comfort, as well as enhanced highly positional 7.1 virtual surround sound powered by SIE’s proprietary 3D audio technology. Select PS4 games supporting 3D audio for the headset will deliver surround sound from all directions, including above and below you. The new headset also features multi-position, hidden noise-cancelling microphonesand is also compatible with PS VR and mobile devices using an included 3.5mm audio cable.

Specifications

PlayStation 4 (CUH-2000 series) - PS4 Slim

PlayStation 4 Pro (CUH-7000 series)

Wireless Controller for PlayStation 4 (DUALSHOCK 4)

PlayStation Camera

Vertical Stand

Platinum Wireless Headset