inFamous: Second Son is a PlayStation 4 launch title. The game will ship in Q4 2013 according to this resume from Sucker Punch’s rendering programmer. Another Sucker Punch developer notes the 2013 timeline for the game too.
inFamous: Second Sun uses high dynamic range (HDR) imaging for lightning and other graphical effects. The game has a real-time "wetness" and puddle system plus high quality sky and atmosphere effects.
Motion capture work for facial animations is being done at Digital Domain, a company that made in-game cinematics and teaser trailers for The Darkness II and Gears of War.
Update: The first resume removed the details about the launch timing, but Siliconera has a screencap noting that inFamous: Second Son is said to be a PlayStation 4 launch title.