I'm honestly surprised it looks and runs as well as it does. It might not be a very taxing game on the PS4, but it was nontheless build and optimized for that system at 30fps.
The most obvious differences are the fur shader and the cutback in resolution.
A lot of the other stuff you won't even notice without having side by side comparisions, especially in handheld mode. The cuts they made are smart and while the framerate dips in a few areas by a frame or two, they were saying that for the most part it is solid.