Sony also announced today that they will be rolling out a 1TB "Ultimate Player Edition" PlayStation 4. The higher capacity system will launch in select Europe and PAL territories starting on July 15.

When will other regions see the new 1TB model? No idea. How much will it be? Nobody seems to know just yet. Will this use the updated hardware for the PS4 CUH-1200 model? No.

That means if you have the 500GB model but want more storage, you may as well just upgrade the capacity yourself and not spend the money to buy a completely new console.