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I wouldn't change a thing about how it has been designed, the price they are able to sell it, their ability to keep improving it further still.

I think the most inspired / genius thing about the PS4 design is that they put a separate ARM processor with its own memory to handle all the OS functions, so the game developers don't have to clash / compete with system features when it comes to getting the most out of the main processor and memory available and intended for games.

Something I think is past due on getting added
- Media remote. Just something like lets my wife and self use features like DVD / Blu-Ray and Netflix etc without having to use PS4 controller.
- Ability to increase PS+ cloud storage, or at least manage the PS3 / PS-Vita library in cloud from PS4 (to make room for newer PS4 save file backups)

I think PS-Now is adequate form of BC. The PS3 system architecture and design isn't something they should have let cripple / hold-back the PS4 architecture. Consumers can continue to own their PS3 and if / not, then use PS-Now for older games, or simply wait until their favorites get ported to PS4 (most of the notable games are getting ported)