Today Sony announced that you WILL be able to lend, sell, and buy used games with the PS4. It will NOT need to connect to the internet every 24 hours like the Xbox One.
There will be a paid online service this time, (It was free on PS3) more like xbox live has been in the past. However, the price of the console itself will be $399. That is $100 less than the Xbox One.
Rumors are already circulating that Microsoft is considering a substantial price cut to stay competitive after today's bombshell from Sony.