Expected to release this Holiday season it's will have backward compatibility, dual sense controllers, with a choice of a HD camera, and a media remote control.
Bloomberg is estimating the price to be around $470 but with Sony's vast online subscriber numbers this could lower the cost.
Some of the Games:
Hopefully we learn more about the details of Backwards Compatibility and how far back it goes, I don't expect many PS1 or PS2 games. Though there are rumors some PS1 games like Twisted Metal being remade for the next gen.