The PS4's a great deal on hardware for the money, and is a good gaming platform. I like that there's a strong variety of games, which includes mainstream big publisher stuff, but also more niche stuff, like a strong amount of indies and Japanese games.
Sales aren't quite as good as Steam, but PS Plus gives a small discount on most things, and there are a decent amount of sales, which often will beat Amazon prices and such. The PS Plus "free games" offered monthly have stuff that would typically cost under $30 given away, which has resulted in a lot of indies on the PS4 so far, but usually at least something each month that's fairly well rated and worth trying out.
There's less waiting to get into a game than most other platforms. For example, if I was playing a game and put the PS4 to sleep, and then the next afternoon turned the PS4 back on, it'd come outta sleep mode in just a couple seconds, and the suspended game would launch nearly instantly to where I was before. Updates can be set to download in standby mode, and patches install pretty quickly. I have less downtime vs any other platform I can think of, actually... although I haven't compared this too much vs XBO (since I'm waiting to see how good Halo Guardians is before dropping the $$ on that one).
When I think of "cons" to owning the system, they feel small, for the most part. I would like Folders in the darn UI already, but I'm sure its on Sony's agenda for future patches. I wish there were more USB ports, and the Controller battery life was better, but I have a little USB hub I can use in those moments I need more USB ports, and I got an external battery charger (like you'd use for a phone) for $12. Controller a little low? Just plug in the external battery. Some of the Sony services are a little expensive right now (PS Now or online movie rental prices), but nobody's holding a gun to my head to use them, so I don't really consider that a con.
I guess the biggest con for me, would be the CPU cores. 8 little Jaguar cores, are perhaps easier to optimize for than PS3 SPU units, but splitting the work load across them is still probably not the easiest thing, and the performance to die space used isn't that great. I get it, at the time 64bit ARM chips weren't ready, and AMD was the best company to go to for building a console APU, but I would have much rather seen 4-6 larger CPU cores vs Jaguar cores. Jaguar cores were probably chosen due to power and heat advantages, but the performance tradeoff has resulted in games struggling to meet a stead 30 FPS, and may be to blame for the slow streaming from HDD to RAM. The XBO has the exact same issue, though, with the CPU bottleneck, since it's using Jaguar cores as well.
This last E3 helped solidify my feelings that the PS4 is a good console for me, though. I like the types of games that Playstation platforms pull in, that I can't play other places. The variety is just great, going from stuff like 'The Last Guardian', and 'Persona 5', to 'Uncharted 4', and getting good versions of the big publisher titles.