PlayStation 4 named Orbis and won't play PS3 Games or Used Ones As Well
The Next Generation of Playstation Consoles Will Not Play Used or Past-Generation Games
Reliable sources from Kotaku's and GamesIndustry.biz indicate that Sony's next console will be ready for a holiday 2013 launch and will be called the Orbis. It's not clear if this is a codename or not, though the practice is common. Also, it's worth noticing that orbis.scedev.net does exist, and that was the way people found out what the Vita was going to be called.
Both sources also reveals several pieces of key information: Orbis will play PS3 games and it's new new hardware will be designed to block used titles from playing. Meaning that any copy of a game you get from Gamestop will no longer work in this console. If the sources are really true, the lock out will make a lot of debates and reactions from the gaming community.
Additionally, playing a game will require being online constantly. Though, this practice is common with PC games today. Also, you will need to have a PSN account and be online to get things started.
Remember, this is both rumors and early news at this time, but it's certainly worth keeping an eye on further news as it develops. We will have to be patient while new information and sources come out to tell us more.