A couple of weeks back Microsoft announced a new Xbox One SKU that comes with a 1 TB hard drive. At the time I wrote a post arguing that for some people, the older 500 GB model was actually a better deal.
Now Sony has announced a new 1 TB Playstation 4, coming July 15th in Europe. Thus far there's been no announcement of the SKU in North America but Engadget points out that Sony has already filed FCC documents for a 1 TB SKU, so presumably a North American release is imminent.
This time out, I think the smart money is to wait for the new SKU, though the fact that we don't have pricing info has me hedging my bets a little bit. I'm going to assume that the 1 TB version will cost an additional $50.
Unlike the Xbox One, you can't hang additional storage space off the PS4, but you can easily upgrade the internal hard drive. A 1 TB 2.5" drive costs about $50, so in theory you could buy a 500 GB PS4 and a 1 TB drive for the same cost as the 1 TB PS4, but it wouldn't really gain you anything other than a 500 GB laptop drive to stick in a drawer somewhere. Some have argued that replacing the stock drive with a 7200 RPM drive will speed load times, but I haven't seen any data to show that it makes a significant difference.
In my opinion it's not worth the hassle. Just buy the 1 TB SKU if you think that's going to be enough space. Of course if you want more space, then we're back to you buying the cheaper 500 GB SKU and a 1.5 TB or 2 TB laptop drive and swapping that in. Amazon has a Seagate 2 TB drive (5400 RPM) that's currently selling for about $100. In this case you'd be spending $50 more than the 1 TB SKU (again, assuming the 1 TB model will be $50 more than the existing 500 GB model) and winding up with twice the space.
But there's one more factor to consider. Engadget says the new SKUs weigh 10% less and use 8% less power than the original PS4. One of my very few complaints with the PS4 is that the fans in it can get loud when playing certain games (like Dragon Age: Inquisition and The Witcher III). I don't know if saving 8% on energy would ease that problem or not, but in any case if I were thinking about buying a PS4 I'd wait to get the latest hardware iteration, and the only way to really be sure of that is to get the 1 TB edition (or wait a few months until the 'old' 500 GB PS4s have been flushed out of the retail system).