PlayStation 4 has begun!......but it's not PS4 yet

Work on PlayStation 4 is underway . Sony VP and CFO Masaru Kato said in a investor's meeting today"this is a platform business, so for the future platform - when we'll be introducing that product, I cannot discuss that - but our development work is already underway."
Yes, basically he said "PS4" OR "NGC" is being worked on, but how much work is done on it? I beT we'll find out at E3.
   

info from techland.com