It's definitely up there. PS1 will always have a special place for me. It was the first console to ever wow me enough to stop being a Nintendo fanboy. I seriously went from "fuck this system and its funky controllers" before playing it, to "I gotta get one of these" just 15-20 mins into playing some games. Been a PS fan ever since.
And while PS4 is awesome, I think PS5 is going to take its place for me. Especially if the rumors are true and it is B/C back through to the PS1, even if just through the PS Store purchases.