Many gamers were able to rest easy for the past few weeks after Sony's official tech specs for the PlayStation 4 listed "Analog-AV out." However, Sony has now issued a correction, stating that the PS4 will NOT support analog-av output, and will only support HDMI video output.
For those gamers with older TVs which lack HDMI ports, Sony has not made an official statement like we'd expect them to. Many folks, including those without HDMI ports in their TV, have already pre-ordered the PS4 for $399 under the false information provided by Sony, themselves. Sony has not stated whether or not they would refund those pre-orders by gamers without an HDTV. Regardless, it appears as though SD gamers will have to upgrade their TVs if they want to play the PS4.
The Xbox One will also only support HDMI.