If PlayStation 4 really is codenamed Orbis, here's an idea of what Sony might be packing inside the hardware.
IGN claims the machine uses AMD chips based on the A8-3859 APU (accelerated processing unit) and Radeon HD 7670 GPU. The APU harbours an on-board quad-core processor with integrated graphics chip; teaming this up with the Radeon GPU should result in a notable increase in performance over PS3's Cell processor set-up.
The Radeon HD 7670 is already available to buy off the shelf, with IGN claiming benchmark tests see the card running games like Crysis 2 at 30 frames per second in 1080p. A further optimised version of the card running in tandem with the APU could see even more impressive graphical performance, of course.
Most notably, the GPU supports HDMI1.4a, which supports Orbis's rumoured 4k output resolution. However IGN preaches caution: although these are the current target specifications for the next PlayStation, things could always change between now and its reveal. Or they could just be straight-up wrong; that's always a possibility.