It's not quite up to the dreaded RROD for the Xbox 360 launch consoles but some early PlayStation 4 owners are already reporting system failures.

A user at NeoGAF said that they tried to update their console and it froze on them.
After playing a brief game of NBA 2k14 I quit and inserted my battlefield 4 disk. The system prompted for an update, so while watching the progress bar (Around 20%) my controller light turned from blue to white. Hasn't worked since...

Get those extended warranties ready! and SCEA on speed dial!

Went thru a number of "fixes" with customer service and none of them worked. They are shipping me a box to get the unit serviced.
Safe Mode on the console no longer works.

**UPDATE** 2

For shits and giggles, swapped the hard drive for a fresh one, that also didn't work.

Other users have also reported similar issues. One user on Reddit that won a PS4 through the Taco Bell promotion said they couldn't even get their console to work and that Sony was "refusing support since (the) console hasn't launched." They were told to call back on Friday.

Another user on Reddit voiced similar experiences to the others.
So I also had a faulty ps4 shipped to me this morning, when I realized that it wasnt working I called support and this is that account.

I was first connected to a girl called Lauren, she was very nice and helpful and took me through a normal troubleshooting process, when none of that worked she created a full support ticket and said I would receive a call back.

About an hour later I got a call from a guy called Joe concerning my support ticket. He also took me through some troubleshooting before taking me that my console would have to be shipped in for support. He offered to expedite the whole process as much as he could, and apologized profusely for the mistake.

So overall it is a disappointing day, but I'm at least glad I got good support from the people at Sony, and that it is being handled as quick as possible.

TL;DR broken ps4 was handled by Sony in a quick, yet still disappointing manner.

It is unclear if most of these issues can be resolved through a system update. The launch patch is already available for early adopters but given how at least one user said the system locked up while downloading the update, there may not be an easy fix in sight just yet.