I already hinted that with a article weeks ago but know we have better tests and it is a big stepback for DVD/BD players. I will just copy the conclusion part.

Conclusion

Although at first glance it appears to be a more polished media device than the Xbox One, the PS4 disappointed us in several areas with its media playback capabilities (or lack thereof).

If you’re using the device to play 24p movies on Blu-ray (which admittedly will be most people’s usage as far as that format is concerned), it’s all good news. Outside of that use, it’s a worse disc player than the PS3 was at launch, and we hope to see its performance with interlaced video content improved. Also, unlike the PlayStation 3, the PS4 doesn’t support 3D Blu-ray playback at this time of writing.

Both next-gen consoles have failed in some areas, with neither the Xbox One or the PlayStation 4 being able to play PAL DVDs optimally: the PS4 produces jaggies owed to the lack of film mode detection for PAL content, and the Xbox One produces stutter owed to using an incorrect refresh rate.

That’s a little disappointing given the precedent set by the PS3. That Sony’s machine was promoted as being for gamers first and foremost makes it a little more understandable, and perhaps less worthy of scorn than Microsoft’s lofty claims of their equally troubled Xbox One being the only box necessary underneath your TV. As with that machine, we look forward to seeing the PS4′s video processing quality improve, because it’s a seriously nice-feeling piece of hardware. If you’re a video enthusiast who wants to get the best from all their discs, don’t count on either of the next-gen consoles replacing your standalone player just yet.

http://www.hdtvtest.co.uk/news/ps4-201312173519.htm

The good news the PS4's DVD/BD hardware is way better than  PS3's DVD/BD hardware... so all the performance is just matter of fix via firmware updates.

I'm counting on firmware updates. The most disapointing part is the lack of 3D Blu-Ray support. That alone keeps PS3 as the definitive BD player for me.

PS3 is considered a great BD-player even compared with top equipments in the market... PS4 BD lacks a lot of optimizations.

It will get there. No reason it wont.

I'm disappointed it does not play CDs. Is that something that can be fixed by firmware? I used to pop in a CD into my PS3 every now and then to play music. I would like to have the same option with PS4. I was rather surprised they dropped that format. It could not have been that expensive to implement, could it?

I just wish it could play PAL DVDs (looks mournfully over at Peep Show Series 1-5) as well.

As long as it is something that can be improved via firmware updates and not something that is an inherent hardware issue I'm not concerned. This sounds like it goes right along with lacking support for MP3 uploads. A feature that Sony put on the backburner so they could focus on more important issues and features for launch.