Having originally launched in Japan as the PS Vita TV, Sony has announced at E3 that the renamed PlayStation TV will be launching in North America and Europe later this year. Priced at $99/€99 the PlayStation TV will offer the same package and experience as its Japanese counterpart with one small, visual change. It no longer comes in white, it's now black.
That really does seem to be it. It looks the same aside from the color change and it offers the same internals – which are also the same internals as the PS Vita handheld console – and the same software experience – also from the PS Vita. It lets you play selected PS Vita games on your TV using a PS3 or PS4 controller and acts as a way to play your PS4 games on another TV somewhere else in the house. PSP and classic PS One games are also supported.
Additionally, PlayStation TV will support the PlayStation Now game streaming service. This will be entering open beta in North America from July 31, but Sony has also confirmed that the European PlayStation TV will support it when the service makes it across the Atlantic.