Playstation 4.5 (Neo) release date rumors: Upgraded version of PS4 underway, codename NEO confirmed

Early this year, the rumor mill went crazy about a possible new PlayStation being launched by Sony. The company is said to launch an upgraded version of the PlayStation 4 which fans and the press dubbed as "PlayStation 4.5" or "PS4K." However, Gamespot's sister site Giant Bomb recently revealed that the console has been code-named NEO and that production is currently underway, pointing to multiple sources who already confirmed it. Digital Foundry actually confirmed the news as well. Sony has yet to give details on the final price, but previous reports claimed that it will have a $399. price tag. The code name is also believed to be just a temporary name, since the original PS4 was called Orbis during development.
When can tech-savvy gamers expect to have a glimpse of NEO? Most people know that E3 is the most awaited event for all technology-related releases, since this is where most companies unveil their latest products. June is just around the corner, and it will surely delight fans if Sony will be able to introduce the console at the said date. According to The Wall Street Journal, the console is expected to be announced before the PlayStation VR. Once the PS NEO arrives, Sony is reportedly bringing forth a "new slimline appearance for the PlayStation series" along with the devices' casing as "somewhat smaller and lighter than the existing console" according to a report by Value Walk.
In terms of specs, the device will not be a totally different console, but it will be significantly better than the PS4. The report from Giant Bomb notes that NEO will sport a "higher clock speed than the original PS4, an improved GPU, and higher bandwidth on the memory." The HDD in both the NEO and the original console will be the same, but it remains unclear if it was in terms of either connection or speed.