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The question I have is whether it is too late for the PS4 ...

Starting with the SNES Nintendo made some serious mistakes (with the largest and most noticeable being made with the Virtual Boy and N64) and with every generation they seemed to fix the problems of the previous generation only to find that the market was moving away from them. In fact, with the Gamecube Nintendo seemed to have corrected all of their previous mistakes and rebuilt all of the third-party bridges they previously burnt and yet it was Nintendo's worst performing console ever ...

Basically, the problem Sony has now is they will be focused on preventing what happened in this generation and it may be easy for them to miss what they should do in the next generation.