The announcement of the new Playstation 4 "Neo" and "Slim" is expected to happen at an event in New York City at 3 p.m. on Wednesday, September 7th. Sony has only acknowledged the existence of the PS4 Neo but has said nothing about the PS4 Slim.
The Slim seems to be a slim redesign and will likely not add any horsepower rather than some new features. It will likely also come with a slight redesign on the DualShock 4, and maybe a few new game announcements or trailers. But it would interesting to see the price and release date of the new console -- possibly competitive with the Xbox One S and a release ahead of holiday buying.
Like the Xbox One Scorpio, the PS4 Neo will likely play the same lineup of games as the base PS4, just with better graphics. It is not clear how it’s going to handle native 4K games.
It could be safe to assume that the upcoming Neo/Scorpio will not signify the start of a new console generation. The difference in these systems to their predecessors will not be as significant as the leap from PS2 to PS3 or Xbox 360 to Xbox One. Both companies want to make it clear that these are upgraded systems rather than the birth of a new console generation meant to leave Xbox One and PS4 behind.
Both systems talk about 4K and VR capability, and the two will likely be pretty similar.
Aside from that, expect to hear a bit more about Sony’s VR lineup for the fall.