^ rent, buy used, borrow
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And yeah, on the PS4 you can only play previous consoles games by streaming them. The Ps4 has dedicated video and game streaming hardware in it, so you can make a video of what you're playing without the gameplay being affected .
The CPU is gonna be an octa-core x64 AMD CPU and an AMD (previously ATI) GPU, but no further technical details were given (I know, you don't care jack about this). But given that current-gen consoles like the XBOX360 and PS3 can still deliver some impressive graphics after all this time, there's no worries that these new consoles (given that Microsoft is releasing the next xbox soon) will last as much as the current ones (6-7 years). It's a good investment I think.