Sony "in a much better position" with PS4

Sony is in a "much better position" with the PlayStation 4 relative to its predecessor the PlayStation 3, according to SCEA president Jack Tretton.

Speaking with CNN Money, the PlayStation executive said he is energized by the opportunity to launch the system at $400 this holiday alongside the $500 Xbox One.

"We're in a much better position. There are a couple of key factors: We came to market later than what proved to be a formidable competitor in the Xbox 360--that won't happen this time around," Tretton said. "We came to market at $599-- that's obviously not going to happen this time around."

"In spite of all that, we went on to sell 70 million units. There were a lot of lessons learned in things we did not want to repeat," he added. "I really relish the opportunity to come to market in a timely way at $399."

Following a "favorable reaction" to Sony's E3 showing last month, the company raised sales projections for the PS4, though specific projections were not disclosed.