The information comes from Kotaku, which cited a source “who is not authorised to talk publicly about next-gen hardware but has shared correct information with us before.”
The site explains that the word Orbis in Latin can mean circle, ring or even orbit. Combined with the word Vitae (or Vita), you get Orbis Vitae which translates from Latin as “circle of life” and hints at some correlation between the PS4 and the PS Vita.
The device is rumored to pack an AMD x64 CPU and 28nm AMD Southern Islands graphics power. This equipment could give the PS4 the ability to run games in 4096×2160 resolution, 1080p (720p for the PS3) and 3D.
However, according to rumors, users won’t be able to play used games or sell them second-hand as new games will be “locked” to one PlayStation account.
Sony has yet to confirm anything about these rumors.