So what do you get with a $400 launch PS4? A Japanese press release (PDF, via Engadget) details the contents inside the box. Most importantly, you'll get a 500GB hard drive--same as what the Xbox One is launching with. There's also one DualShock 4 controller, important for, y'know, playing games.
The box will also include a USB cable to connect the DualShock 4 to the PS4. And, for the first time ever in a PlayStation console, the system will include HDMI cables (goodbye composite cables?). Finally, it appears Sony's packing in a headset of some sort as well--mirroring Xbox 360, which bundled a headset with every system.
A PlayStation Eye camera is not included in the box, which contributes to PS4's cheaper launch price compared to Xbox One. Those will be sold separately for $59, but a camera is not required for PS4. Additional controllers will also cost $59.