The thing is a beast.
Is it perfect? No
Is it a lot of fun to play on? Hell yes
The system is fast, super quiet, and leaps and bounds better than the PS3 graphically. Bugs and features will be improved upon with future updates, but for a launch system at this price point....a darn good deal.
I can fully recommend these games:
ACIV...makes current gen versions look awful
FIFA 14....not worth buying the PS4 for, but if you have it, this game is great
Killzone SF is hit or miss with some people, but worth checking out
Contrast...awesome game concept
I played the system for over 6.5 hours straight with a friend. Controllers never died and were on the whole time. PSN never disconnected and downloads were stupid fast. Switching back and forth between apps/games/home screen is easy and flawless.
Is it worth spending 400 dollars right now? That is up to each individual person, but for those that take the leap you have a lot to look forward to.