Sony's Last Stand

NEW YORK (TheStreet) -- Sony (SNE) took the unusual step Wednesday of an evening press event to launch its PlayStation 4 game console, on which CEO Kazuo Hirai is betting the company.

The new console sports an Intel (INTC) -based chipset, a new wireless controller and the ability to share game play more effectively, PortableGamingRegion writes. It also allows use of an Android tablet as a second controller, notes 9to5 Google.

That's what the press was told, but Sony didn't show a working machine. Instead, it showed films from game companies and promised hardware in the fourth quarter of this year, as the Washington Post noted. Lead system architect Mark Cerny talked up the new box while holding a mock-up of the controller, which looks just like the old controller except for the addition of a small touchscreen.

Reviews from the tech press were stark and negative, according to Techcrunch. The PS4 was trending on Google Plus as this was written, and it's pretty brutal.

The launch comes on the heels of a complete failure by rival Nintendo (NTDOY) , which launched its Wii U in November and has since seen sales nosedive, as DigitalTrends notes. GameSutra says fewer than 60,000 Wii U units moved in January, trailing the previous Wii console badly.