Yes, it is rumored that the PS4 is in production. There are many possible designs, but only few are practical. Some are made of glass or are a grill or are very strange, one of them is even covered in buttons and colorful.
The PS4 will probably incorporate almost real-life graphics on a huge map for each and every game. Many believe that the games will have many great softwares, like havok, naturalmotion, phys-x, and many more to come.
It is expected to be released ten years after the PS3 was, sadly in 2016. Will the production of the Wii 2 effect the release date? I think so because Sony tends to like to compete with Nintendo, like the 3ds and NGP.
I can think of a few questions that I could ask. The first one would be, will the PS4 be simple and very usual in design? I want it to be because I want it to fit in with all my other systems and DVRs under my TV, Not some futuristic sphere from a sci-fi film. Next, will it have 3D? Honestly, I don't want this because it would be a pain to wear those heavy glasses that don't fit and have my eyes go crazy after playing for 3 minutes, and it's more difficult to play a game when you're eyes freak out. Unless Sony could make 3D without glasses or eye-freaking-out-stuff, no.
I would also like to see some improvements to the PS4. First, sure it's fine how it will have spectacular graphics and all that, but please do not make all games like that, I like games with an arcade kind of feel. I would also like if the PS4 would have a way of playing PC games. I've seen a lot of awesome PC games, but I'm not willing to spend $1700 for a custom computer.Lastly, please don't add a kinect type of thing to it. I never liked not using an actual remote at all to play games, it loses a feeling of control over the game by just using your body, Move would be much, much better.
I and many others are very excited about the PS4, and would like to see many things about it. It's very cool and will be very useful to no-gamers for the internet and Netflix, etc.