Hmm.. a CPU/GPU that use more power, in a smaller box then already now and you will get a toaster + tornado loudness

Can I just get a PS4 slim with upgraded HDMI for 4K bluray, upgraded sata to take advantage of SSD, and a hardware 4K upscaler that is made just for that.

I can wait a couple years for PS5 for a real jump in graphics with that to tide me over.

There is no faster CPU/GPU, only smaller, less heat, less power, smaller fan, profit.

Depends on the market they're shooting for really.

I'd gladly buy a second PS4 after 2 plus years, even if it were just for playing 4K movies on BD.

Admittedly, my BD buying rate has dropped to a fraction of what it was during the PS3 generation, but if I buy non streamed films in 4K, that's a lot of additional drive space being eaten up per movie. I'd rather buy 4K movies on optical media for that very reason.

If SCE makes this a $600+ console, I would honestly start looking back to building a $1000-1200 4K multi-purpose PC instead.

If it's a $400 console, then expectations of what a $400 console can have spec/component wise has to be scaled accordingly. We won't be seeing even GTX970 level performance unless SCE proves its brilliance in leveraging a strong market position into an incredible OEM contract with AMD.

So with an incremental CPU and GPU upgrade based upon what an MSRP of $400 buys in OEM specs, I would expect 1920x1080/60fps minimum across the board; no exceptions. More realistically, the specs should support 2x1920x1080/60fps, but that is probably a bit too pie in the sky unless SCE leverages that incredible OEM contract with AMD.

I'd settle for better effects, shaders, lighting effects, etc. for overall more realistic graphics. At this point, we're looking at the PS4K like a mid grade CPU/GPU upgrade to the PS4 low/mid grade gaming PC.

If it's just going to do 4K, i'm not even going to bother with it. 4K seems to still be pretty far away from being standard resolution. I'll just keep my launch PS4.

Well most people don't even buy 1080P TV's these days, there is no point in it when they are the same price as 4K.

Well, you're wrong. Most 1080p TVs today cost between $250 and $750.  Meanwhile most 4K Tvs are between $750 and $2000. For example, Best buy has a Sharp 43" 1080p TV for $299. The near identical Sharp 4K model is $599. So they really aren't the same price.

But ignoring that there was only 28 million 4K TVs sold in the entire world last year! Only 5-10% of North American Households have a 4K TVs (it's supposed to be 10% by the end of this year). The ownership is almost half that in the rest of the world. So you're making a console for less than 90% of TV owners, a large percentage of which have zero interest in a PS4, another percentage of which already have a PS4 and has no interest in "upgrading". 
Seems like an awfully small audience to be making a console for does it not?

This whole concept is complete nonsense for every single rational way you look at it.