Orbis, that is the codename given to the PlayStation 3's successor, and it is currently planned to be released in 2013. You might be thinking, why is it being called Orbis? Orbis is in fact Latin for the word "circle", and it is probably not by chance that Sony's newest handheld system is called Vita which is Latin for life. Put them together and you get "Circle of life". This might be Sony hinting towards the synergy between the two devices. The current specifications are: AMD x64 CPU, AMD Southern Islands GPU, which is capable of displaying games at a resolution of 4096 x 2160.
Am I excited? Definitely. Will I be getting it at launch? Probably not. The first releases of new consoles has never been very good, it'll be more then likely that Sony will be releasing the "lite" version of Orbis with better specs and performance, much like the PlayStation 3 Lite. I'm really looking forward to seeing how well Orbis will be able to handle games, since the current specifications are already extremely capable of running most modern games. Will you be getting the PlayStation Orbis?
Image source: http://kotaku.com/5896996/the-next-playstation-is-called-orbis-sources-say-here-are-the-details