Sony and Microsoft are releasing the new PlayStation 4 and Xbox One later this year. Each new console has its own pros and cons. The PS4 seems stronger with more powerful specs and costs $100 less. The Xbox One features an all new interactive experience between all your media devices.

The biggest deciding factor for most gamers will be exclusive games. Both the PS4 and Xbox One will share many titles but also provide a slew of exclusive games.

PlayStation 4 fans are stoked about highly anticipated games like Killzone: Shadow while Xbox One fans can't wait to get their hands on Dead Rising 3 and Forza 5. Kinect will play a big role and most of the games released on the Xbox One.

Shared titles like Call of Duty: Ghosts and Assassin's Creed IV will be released on both consoles.

Unlike the PS3, online access will cost users. A PlayStation Plus pass will cost gamers $50 a year, a little more than $4 a month. Early subscriptions will come with a free copy of Drive ClubPlayStation Plus Edition.

Similarly Xbox Live will be priced at $60 a year. Similar to Apple, Xbox Live will operate on a cloud where games can store data and game stats.

Social media will play a bigger part in the new consoles. PlayStation 4 will let users share game data and stats using UStream, while Microsoft will offer a feature similar to DVR which will allow gamers to edit and share clips of gameplay.

A new PlayStation app will also be released for iPhone and Android smartphones. Gamers will be able to log in to the PlayStation Network from their phone on the go!