Sony making Announcement on February 20th, Will the PlayStation 4 finally be revealed?

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Last night Sony announced that they will be having a live event for gamers. Now most people are wondering what this could possibly be, so is the rest of the world actually. And I know you all are wondering when this event is, well it’s on February 20th at 6 pm EST. Many people are clamoring that it has to be the announcement for the much awaited PlayStation 4. Well according to a report from the Wall Street Journal that just may be right! We may find out things concerning the PS4 on February 20th. My question is, when will Microsoft release the next Xbox? How soon after or before will they release the Xbox relating to the PS4? We all know it’s a competition between the two companies but how will this announcement affect the work being done with Microsoft?