It's much smaller than the original PlayStation 4.
As you can see in the picture above, the new standard PS4 is much smaller than the original model released in 2013. According to Sony, it's 30% smaller, weighs 25% less, and consumes 34% less power compared to the original PS4 model.
Though it does not support 4K gaming, it will support HDR gaming for those that have HDR-compatible televisions.
Unlike the PlayStation 4 Pro, which supports 4K gaming, the slim PlayStation 4 will only support HDR gaming for those that have HDR-capable televisions.
In the near future, Sony will release a firmware update for all PlayStation 4 models (including older models) that will make them HDR-compatible.
If you're not familiar with the term HDR, it's a feature on certain high-end televisions that stands for "high-dynamic range imaging." Essentially, it means that the range of colors the television can display is far greater than that of a normal television.
The slim PS4 will have actual physical power and eject buttons, unlike the original PS4 that had touch-sensitive surfaces.
The small strip of LEDs on the power button is a nice touch, too.
The slim PS4 does NOT have an optical port.
Unlike the original PlayStation 4, the new model will not have an optical port. Though this won't be an issue for most people, certain headphones and speaker systems require it.
The $299 model will have a 500 GB hard drive.
In Sony's press release, it mentions that the 500 GB model will retail for $299. Versions with larger hard drives were not announced, but those will probably be available in the future.
It will be available by the end of September.
Though Sony did not disclose an official release date, the new PS4 model should be available by the end of September. Quite a few of these new models were on sale ahead of Sony's official reveal, so it's likely that some retailers already have them.