Rumors about a new and improved Sony PlayStation 4, nicknamed PlayStation Neo, have been floating around for a while now, and it was speculated and almost expected that it would be revealed at E3. President and global chief executive of Sony Interactive Entertainment, Andrew House, made it clear in an interview with Financial Times that it won't.

He did however confirm the existence of the NEO, and specifies that it is a "high-end PS4" and it will be more expensive than the current PlayStation 4, which lies at about $350. He did not share a lot of details, but says that the NEO is created to target hardcore gamers and anyone with a 4K TV looking for more high-resolution content. According to House, further details about the new console will stay under wraps for some time still: “We want to ensure we have a full range of the best experiences on the new system that we can showcase in their entirety.” He adds that when it is released, the console will be sold alongside the regular PS4 and include a faster processor, 4K resolution support and enhanced graphics.

For worried owners of the current PS4, House adds that "All games will support the standard PS4 and we anticipate all or a very large majority of games will also support the high-end PS4." The two consoles will be different, but he assured that it will only require a "small but manageable" amount of extra work to develop games for both.

It has been expected that Microsoft has something up their sleeve for E3, such as a similar project of theirs named Scorpio, and also a Xbox One Slim. Whether or not these will actually be presented, or even mentioned, remains to be seen. But there's no secret that hardware news from the two console giants are both welcome and highly anticipated. If they want to stay in the race and not lose ground to the big machine that is PC gaming, they have to keep evolving. We are past the time where a console can survive for 10 years without an upgrade. I'm sure both companies will touch upon their plans for the future during the next few days, so we'll just have to be patient.