Sony's Vita-like set-top box is on the way, offering a ton of features for an affordable price.
The PlayStation TV was originally known as the PS Vita TV when it debuted last year in Japan. It functioned similar to a Vita combined with aspects of the PSP Go (remember when that was a thing?). Well, Sony has decided it's time to ship it over to the west, so it gave it the PS Vita TV an overhaul along with a new name.
The PlayStation TV works similar to most other set-top boxes -- it is able to stream content that you own directly onto your television screen. In particular, it is able to stream from your PlayStation 4 onto another TV in case someone else is using your main gaming screen.
It will also have its own apps (presumably the likes of Amazon Prime, Netflix, etc.) along with the ability to play a variety of PlayStation games. The PlayStation TV will be able to play Vita titles, PlayStation Now (giving it access to PS4 and PS3 titles), PSP titles and PS1 classics.
The PlayStation TV will be available for $99, but a $139 bundle will include a DualShock 3 controller (you can sync your DualShock controllers to the set-top box), an HDMI cable, an 8GB memory card and The Lego Movie Game. Expect to see the small streaming box debut sometime this fall.