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The graphics will be more than "slightly" better. 1.8 TFLOP vs. 4+ TFLOPS is a monster upgrade.

What's inevitably going to happen is one dev will make a game that really pushes the graphics on PS4.5 and then other developers will have to follow suit to be competitive, and then you're going to see more and more games made specifically for the 4.5 model first and foremost with the vanilla PS4 getting the inferior sub-par version.