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It will be more or less the same as PS4One right now, somewhat lower-/Midrange.
But as long there is no breakthrough in microprocessor designs we won't see really big steps. Hardware evolution is getting slower and slower.

There might be a bigger step in mobile technology, but i don't believe in all that cloud stuff.

If there's a real game changer, then it could be things like Playstation become a service. Using your account at smartphone on the road and either have your phone automatically linking to TV and wireless controller at home or have it (more powerful) integrated into your TV.

But i'm sonehow sure there will be one last console gen.