Sony takes aim at Microsoft with PlayStation 4

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Sony is breaking out the heavy ammunition against Microsoft, announcing its forthcoming PlayStation 4 will cost $399 - $100 less than the competing Xbox One.

The price announcement wasn't the only shot fired at Microsoft during Sony's presentation at the Electronic Entertainment Expo, the gaming industry's annual U.S. trade show. The loudest applause at the company's event show came when Jack Tretton, president and CEO of Sony Computer Entertainment America, announced that the company would not try to restrict used game sales.

Tretton also said the PS4 would not require a persistent online connection. Microsoft has said its new Xbox will require a once-a-day check-in.

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