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Chevinator123 said:
How will a neo even work? Will we be able to put our old/current PS4 games in and they will just somehow run? (presumably with better fps) Will devs need to put out a patch? Will devs even bother? if past PS4 games dont work doesnt that mean its essentially a PS5?

Well, think of it like PC.  If you replace your card, in general games will still run, only better.   Devs have to bother according to the leaked docs.  All games released after October must be have a Neo mode.