I won't be upgrading because...
I typically upgraded my old console because of the technological leap that came with each new iteration. But with the PS4 I find myself continuously asking myself "What's changed?"
When was the last time I played a PS3 game and thought "Hmm, the graphics in this game are detracting from the gameplay".
I'll stick with the PS3 for the cheaper titles and move to the PS4 when the price drops to something more respectable. But I have to say that I wouldn't be surprised if this is Sony's last foray into the games console market. The days of the console are almost over I declare (again).