Depends. If it ends up splitting Sony's resources where they have to build completely different games for both systems then it is likely not going to do well. This resource splitting is what hurt Wii U and Vita as their respective developers decided to focus 3DS (the portable which has been Nintendo's stronger suite and the platforms with their largest installbase) and PS3/PS4 (the home consoles which has been Sony's stronger suite and the platforms with their largest installbase). Now if Sony makes a portable PS4, maybe with weaker specs (which is the only way I can see them doing it right now since there are really no affordable mobile alternatives to a full PS4) but where ultimately most current games will be able to run with a patch, then that has a good chance of doing well (assuming the price is good, the hardware is good, etc). The problem is that while the CPU tech is there, the Vega GPUs even in the new Ryzen 5 ultra mobile parts are not really up to the snuff.
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