Yes. The PS4 comes with a 500 GB hard drive, but can be upgraded if needed. Sony’s Shuhei Yoshida confirms that the console’s hard drive will be upgradable like the PS3s.
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When is the PS4 coming out?
The PS4 will be releasing in North America and Europe in late 2013. A exact release date hasn’t been revealed yet for either of the two regions. It’s expected that the PS4 will be releasing in Japan and Asia in 2014.
PSN Maintenance will Over-run into Saturday Morning

Sony’s scheduled maintenance period has over-run well above the 12 hours originally estimated. The maintenance was originally scheduled to be completed by 4am on January 18th 2013 but was later pushed to 10pm – well over double the estimated time. It has since been extended again.
Sony Announces Red and Blue PS3s in Europe

Sony has announced two new PlayStation 3 editions will be releasing in Europe. The new models will come in either Red or Blue with 500 GB of space, each including two matching DualShock 3 controllers. The consoles will be available from February 20th 2013 retailing for €330.
The Latest PS4 Rumours Suggest 4 GB RAM and October 2013 Launch

The rumor mill is staring to go into overdrive this month as both the next-gen PlayStation and Xbox consoles are likely to be revealed sometime this year. A number of sources are claiming to have details on the consoles, specifically what they will have under the hood.
Read MorePSN Maintenance Scheduled for January 17th 2013

Sony has scheduled maintenance planned for this Thursday, beginning in the afternoon and lasting for 12 hours – well into most people’s gaming time. During the maintenance window, the PSN and other related services will be offline, but you will be able to continue to play online if you sign-on before maintenance begins.
PlayStation Store Updated to Version v1.02

Sony has released a new patch for the PlayStation Store app on the PS3, updating it to version v1.02. The patch is 26 MB in size but no official changelog was available. In our tests, the Store appears to be visibly faster to load and quicker to navigate, making it more responsive and easier to use.
US PlayStation Plus Update for January 15th 2013

This week, PlayStation Plus subscribers in North America get access to another free title as Darksiders joins the Instant Game Collection. The game joins NBA JAM: On Fire Edition and Mega Man 9 and 10, which were added to the Instant Game Collection earlier this month.
Sony Exec Says PS4 Announcement Expected in May

Sony executive Hiroshi Sakamoto has let slip that a PS4 announcement could happen as early as May. Sakamoto revealed, during an interview at CES earlier this week, that Sony are focusing on a major PlayStation announcement for E3 in June, before adding “an announcement can be by then, or even before, in May.”