With any press conference you've got to ignore the b.s. which means
1. Ignoring graphical tech demos
2. Ignoring anything that they don't actually show you but assure you that will happen.
I know people are saying "ooh look at the graphics in the tech demo". Yeah we've seen that before... remember the mind-blowing tech demos for the PS3? Did they ever release a game that came close to looking that good? I'm not picking on Sony about this though... EVERY hardware developer does this. Hell the Zelda tech demo for the game cube looked better than some of the ps3 games today.

I expect the system to have better graphics naturally, but we won't know how good until a really good, first party title is actually released and out on the system.
It's no secret that I'm not fond of Sony, be it their hardware, software, or philosophy, so keep that in mind but...
They blatently ripped off every good idea from the Wii U, which is a typical Sony move, so I wasn't suprised. The bad thing though is they seemed to get everything a little wrong. Like remote play on the Vita. Nobody wants the Vita and even if they did, the PS4 is going to be so expensive that you really aren't going to want to fork over another 200 bucks just for remote play. I also have doubts about universal support unless they do something at the OS level. Nintendo put the screen in the default Wii U gamepad, which forces developers to at least use it in some way. Optional accessories, no matter who makes them, rarely get support. The new controller, while definately superior to the dual shock just looks like they threw a random mess of tech on it, ripping off elements from the ouya, the wii u gamepad, ect (not necessarily the good elements either) and still insisting on using the broken ps eye tech that uses visible light tracking instead of ir. It is an impovement if only for the fact that holding it won't give you hand cramps, but I wonder how much that mess of a controller will cost considering you KNOW that after a month or so no developer will take advantage of anything other than the buttons and sticks. Then again if you are a Sony consumer you are already willing to pay way too much for your hardware, so maybe that's irrelevant.
The other thing that sent up a warning flag to me is the fact that they obviously don't have the hardware in production yet. Typically if you are expecting a big launch you start making the console almost a full year before it's supposed to hit shelves. Well they say they want to release it this fall and yet they haven't even finalized the case design yet. That's a really bad sign that either it won't be released this fall, or the console will be shoddily producded. Consoles that were rushed to production or had last minute changes include the NES (faulty cart connector) and the 360 (RROD). Regardless of if it will be delayed or have faulty hardware, it's bad news for the end user either way.
So to sum up, they didn't really show anything all that new or innovative and their vagueness this late in the game concerns me. Maybe they'll make a better showing at E3.
A price point and a showing of the actual, finalized, hardware is required to make any kind of real judgment.