How does that fix the situation?

It's on the back, as long as you keep it horizontal and away from carpets and such, you'll be fine. If you really want more space, get the vertical stand.

Had no idea vents were on the side o.o

It was the most helpful post in this thread by far. He single handedly made me cancel my purchase plans and I will now re-buy a Wii U or just Get a XB1.

The ps4 has pretty good cooling based on my experience. It would probably be better to put it on a desk or table if possible. The fans are on the back though, so make sure you leave a bit of room there for cooling. The ps4 also stays quieter when it's laid horizontally.

It sucks in air from all around it sides, and the fan pushes the air out from the back.

May I suggest an OUYA instead, it's the future of gaming.

Now I'm really confused. I think I'll just by myself 3 Amazon Fire TV's for the living room, guest room, and my bed room.

Great post by deskpro.

So remember to have the sides and back with some space for airflow. You can put it on something, just don't put anything on top of the PS4 as the hottest parts are on the top back area. You should be good on a laptop mat.
I have mine vertically, and even though the fans are sometimes pretty loud, never had a heat related problem, at least yet and I've had a couple of multi hour marathons.

He can then place his PS4 on top of one of these consoles to help prevent overheating. I agree though, a piece of wood would be a better work around.