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PS4's biggest problem was Microsoft.  I'm pretty sure that problem is going to be there, and probably worse this time.

But if we are talking technical features, then the main things I wanted were backwards compatibility and the ability to play/rip CDs.  It also would be nice if I could just put a new game in and start playing immediately.  Instead I wait an hour or more because of installs and patches which kind of sucks.  Actually, that may even be a bigger issue than backwards compatibility.