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From consumer POV, I don't see anything wrong with releasing half cycle (every 3 years) an upgraded model, as long as the older model is fully supported and .5 model is halfway to next gen (in this case, that would mean 3x PS4, or something like 390-390X for GPU).

From Sony's POV...honestly, I don't understand why would they go with PS4.5, unless it's only for 4K media and not upgraded CPU/GPU. If they are upgrading CPU/GPU to run games in 4K with same settings as 1080p version of PS4 games they need (real life tests) 3x GPU...and that sort of power on 28nm is not something they can cram in PS4.5, and we're yet to see any 14/16nm GPU in the wild, let alone APU.