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Normchacho said:

No way. One of the biggest benefits to consoles is that developers can make games to a specific set of hardware specs. First Party devs will never be able to push the new hardware if they always have to scale it back to work on the old console.

I do, however, think that starting with the PS4 all PS games will be backwards compatible. Since they've moved to an X86 setup.

 

Edit: Not to mention that all they'd be doing by extending the life of the PS4 is giving people less reason to buy the PS5.

Look at treesFX. it works on one GPU and doesn't on another. First party devs can push the hell outta the new hardware. but if at its core the new hardware is basically the same as the old one but just with more then optimizing for both won't be too hard. Provisions for such optimizations can even be implemented on an API level as is currently the case with PS4 to Vita ports. . 

Let's not forget, there is also the option of games releasing for the PS5 6-12 months before it makes it to the PS4. 

And the trick is, people wouldn't need to buy the PS5, for the PS5 to still be a success. If a game sells 20M copies at $60 a pop accross two consoles of different generations. I strongly doubt the publisher would care if it sold more on one or the other in the same family of consoles.