I'm not a PS4 owner myself, but since this is a HUGE deal for a freshly-new console...
It appears that a lot of PS4 consoles suffer from a severe case of DOA (dead on arrival) or blue pulsing light of death.
What this means is that the console will completely stop working after some hours it's turned on. There is absolutely no known fix yet, and not even Sony seem to have steps to fix it at home. There is quite a lot of refunds and deliveries being sent back to Sony to replace the console.
...I guess people holding it off should wait after the year's over?
BTW, keep this discussion civil, people.