PlayStation TV, the newest device in the long-running PlayStation series, will be launching on November 14th, Sony announced this morning.

The device will allow users to stream PlayStation 3 and PlayStation 4 titles to other HD TV's in your home, plus play PlayStation Vita, PlayStation Portable and PlayStation One classics. It will be launching in the Australian market at a price point of $149.95, and can already be pre-ordered at JB Hi-Fi, Dick Smith and EB Games.

Hundreds of Vita, PSP and PS one games are available from day one, Sony said, as well as a collection of minis. The library will expand with the likes of Minecraft over time. PlayStation TV itself comes with a voucher for three digital PS Vita games: Worms Revolution Extreme, Velocity Ultra and OlliOlli, and includes 1GB of built-in storage. A full list can be found at the PlayStation Blog.

Here's the skinny on how it works: if you own a PS4, you can use Remote Play to stream PS4 games from your console to PS TV over your home network. So, if your living room TV is occupied, you can use PS4 Remote Play to play a PS4 game on another HD TV in your home. (Be aware a DualShock 4 or DualShock 3 wireless controller is required for PS TV.)

As for Vita games, PS TV plays select titles, which can either be downloaded to the device or inserted directly using a game card.