It's probably obvious to many, but Orbis is Latin for orbit, ring, or circle. OK, not a big deal. It may just be a working title and therefore maybe a red herring to make us all think way too much. But when you combine it with Sony's latest handheld, the Vita (Latin for "life"), you get Orbis Vita, which in strict Latin would be Orbis Vitae. This means "Cirlce of Life."
http://www.ps4playstation4.com/PS4-is-Orbis