How much will the PS4 cost?

Not as much as an Xbox One.

That's how Sony wants you to think about it anyway - as in fact the price tag is still pretty hefty.

At its E3 press conference on Tuesday morning Sony said that the basic PS4 - with a 500gb hard drive but not included Eye camera - will cost £349.

That compares to £429 for the Xbox One.

Both will be released in the Autumn, and it's obviously possible that those price tags could change before then - or that retailers could intervene and offer them at a lower price point.

But it's interesting at this stage that Sony is so keen to mark itself out as the cheaper - and on some points such as DRM arguably better - option.

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  • A controller for the new PlayStation 4 is on display at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

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  • US-E3-SONY-PLAYSTATION-PRESS CONFERENCE

    Sony CEO Andrew House unveils the new PlayStation 4 at the Sony E3 2013 press conference in Los Angeles, California June 10, 2013. House said that the new PlayStation 4 will cost USD $399 and it will be available in time for the 2013 holiday season. AFP PHOTO / ROBYN BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)

  • Leading Video Game Companies Hold News Conferences To Open E3

    LOS ANGELES, CA - JUNE 10: Andrew House, President and Group CEO Sony Computer Entertainment Inc., holds up a Playstation 4 at the Sony Playstation E3 2013 press conference June 10, 2013 in Los Angeles, California. Thousands are expected to attend the annual three-day convention to see the latest games and announcements from the gaming industry.(Photo by Eric Thayer/Getty Images)

  • Andrew House

    Sony Computer Entertainment president and CEO Andrew House introduces the new PlayStation 4 at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • Andrew House

    Sony Computer Entertainment president and CEO Andrew House introduces the new PlayStation 4 at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • Andrew House

    Sony Computer Entertainment president and CEO Andrew House introduces the new PlayStation 4 at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • A gamer holds a controller for the new PlayStation 4 is on display at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • A gamer plays a video game on the PlayStation 4 at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • Attendees watch gamers play video games on the PlayStation 4 at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • A gamer plays a video game at the Sony PlayStation E3 media briefing in Los Angeles, Monday, June 10, 2013. Sony is giving gamers their first look at the PlayStation 4 and it's a rectangular black box, just like all the previous PlayStations. (AP Photo/Jae C. Hong)

  • Andrew House

    IMAGE DISTRIBUTED FOR SCEA - Adam Boyes, Vice President of Developer and Publisher Relations of Sony Computer Entertainment America, said a stellar lineup of games from independent developers and key publishing partners will launch on PlayStation 4 at the PlayStation E3 Press Conference on Monday June 10, 2013 in Los Angeles. (Photo by Jordan Strauss/Invision for SCEA/AP Images)

  • Michael Lynton

    IMAGE DISTRIBUTED FOR SCEA - Michael Lynton, CEO of Sony Entertainment and CEO and Chairman of Sony Pictures Entertainment, announced that Sony Pictures will deliver new original programming and unique access to entertainment content on PlayStation 4 at the PlayStation E3 Press Conference on Monday June 10, 2013 in Los Angeles. (Photo by Jordan Strauss/Invision for SCEA/AP Images)