(AP Photo / SONY)
(AP Photo / SONY)

It's finally here! Sony's much anticipated PlayStation4 gaming system hits the shelves. But can it compete with the likes of smartphone and wireless gaming?

FOX Business Network's Dennis Kneale reports:

At long last, Sony's PlayStation 4 debuts-- the first major upgrade in seven years for the world-beating video game system. Sony, Microsoft and Nintendo sold a quarter-billion game machines combined from 2005 to 2012, but now many gamers play on smartphones, tablets and laptops wirelessly linked to the internet. The question is whether any appetite is left for a dedicated game console.

(AP Photo)
(AP Photo)

The new PS4 will be far more powerful, but cheaper than its predecessors-- priced at $400 dollars. A hundred bucks cheaper than Microsoft's Xbox One, due out next week.

In New York, Dennis Kneale, FOX News Radio.

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