I would've done it this way:
- Shrink the PS3 down to the old Mac mini size with optical drive.
- Include the new controller and eye camera with the bundle.
- Upgrade the HD to SSD, upgrade RAM, upgrade the OS… bring back Linux as an optional install.
- Divert the money from PS4 development to some great game exclusives.
- Price it at 99$
- Fun marketing: "Back to the roots" by focusing on games, bringing back the "u r not e" campaign. Figure out how to slap "PSX" branding on it.
From anecdotal evidence (and myself personally), interest in consoles has waned. Just like what Wrao was saying. The graphics on the PS3 are just fine; all they need are some innovative and fun games!
450$ for a new console is just outrageous at this point.