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I doubt it's going to take all the way to the Fall of 2016 to come out, wouldn't be surprised if it comes out at the same time as the PC version, with the game having further improvements on both due to future updates in API and improvements to Square's rendering tech.

I could see it running at 60FPS on PS4, with better AA and other visual improvements, we'll see what happens though, likely hear about this a month or so into the new year.
IMO Square's best bet would be to launch it months away from Uncharted 4 and Horizon Zero Dawn, because RTR will get curb stomped by both IMO.