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What is so bad about keeping all your games and peripherals, just to upgrade the box

Nothing bad about that, that's what I did with the wiiU :p
Plays all my wii games in 1080p over hdmi with all the same peripherals!

I'm likely to buy a new box if it can playback 4K UHD discs. It would be nice if MS makes an XBox One slim that does that or maybe the NX (when pigs fly, wiiU won't even play DVD) as I already have a ps4.

Yet seperate hardware specs for games is a concern. Is it going to be optimized for both, a compromise between the two, one neglected. Are we now going to get face offs with frame rate drops on ps4, frame pacing issues of ps4.5, pick your poison. This gen already has the attitude that since all games are installed on HDD, efficient loading strategies are not a concern anymore. 2 minute load times for Just cause 3! (Oh wait it's 15 minutes already) Just attach or install a ssd drive right. So what's next, game runs a bit crappy, just wait until the next box, we targeted it for that one, it's future proof!
I switched to mainly gaming on console to get away from the whole "play it now or wait until I upgrade my GPU" next to fiddling with settings.  I know I will wait, as I did with GTA5 (was never going to ps4 right) and Tombraider.

Anyway I don't expect devs to put much effort into a bit faster running ps4.5 It's not as simple as turning up a few sliders or increasing resolution a bit. You might say, but PC games scale with the hardware. Yes they do, but they need quite a bit of overhead to accomplish that and remain stable. End experience is up to the user and you're likely going to get variable results.
For example Elite Dangerous Horizons on my laptop runs at up to 30fps, goes all the way below 10 fps with a few other people on screen on planets, and drops to 0.8 fps trying to plan a route near the center of the galaxy. And it never uses more than 18% of my cpu or my 16gb of ram to cache simple things so it doesn't take 30 seconds to load the same system map again.

Fixed hardware spec of consoles is all about making efficient use of all available resources and optimize each part of a game to stick to a baseline performance. Add more specs, less time to accomplish that. Expect even more lazy devs accusations!