When you think about this from a business pov, a lot of things make sense and a lot of things don't make sense.
What makes sense:
- Having a very affordable and a not-so-affordable SKU. The regular PS4 becoming the entry model ($249.99) and the PS4K becoming the premium ($399.99) makes sense.
- Having a more powerful PS4 to compete with a more powerful Xbox One. In comparison with the One, the PS4 is objectively superior in tech specs. Sony might want to maintain this advantage as it allows them to market the PS4 as the most powerful console available.
- Having a more powerful PS4 to integrate the PSVR tech inside the box. This is straight-forward: make a new box with everything inside instead of the current solution with everything outside.
- Having a mid-gen refresh to spur growth + aid development. Yes, the PS4 is doing great, but Sony might see a path to even better sales and performance. If a more powerful PS4 can become the 4K playback machine then it can attract an entirely new audience (mostly people who buy a 4K TV). Furthermore, devs might feel like the tech in the PS4 is making development slower and more cumbersome for them. More powerful hardware can make it easier to brute force effects and techniques on their end.
What doesn't make sense:
- Dividing the userbase and as a result putting the entire PlayStation business at risk. The PS4 is the heart of PlayStation. Their handheld business is dead and their legacy business (PS3, PS Now) is shaky at best. The console business is built off of the idea that you buy a console, put it under your TV, and you're done. It's the same with TV's -- you don't buy a new TV every 12 months. A newer PS4 can disrupt that model, but it can also sour people on the entire console business.
- Making a new PS4 where the selling point is just more graphics. This is the one that doesn't make any sense to me and makes me question a lot of happenings in the business (jump to the dotted line below for an extreme tinfoil hat belief). Cerny and his team are brilliant architects, but even they know that being able to render at a higher resolution isn't a great reason to make an entirely new console. When you consider how (relatively) young 4K is in households? It makes even less sense to invest a whole bunch of time, money, and energy into a new console. I just don't think Sony would believe 1080p is insufficient for the rest of the gen, and even more important, I don't think Kaz Hirai would greenlight a new PS4 that only has one selling point.
- Messing with the perception of the PS4 as the consumer-friendly console. Yes, dropping the current PS4 in price would be a great move, but the reality is people don't want to feel like they own the inferior version of a product. It doesn't matter how clever the ads or promotions end up being. If people are still buying a PS4, this will automatically divide the userbase into those with the 'best' PS4 and those with the 'regular' PS4. People don't like that... at all. With TV's, people are comfortable getting the 60" version instead of the 72" version because the size of the TV's is the only difference. With iPhones, people are comfortable with getting this year's upcoming iPhone 7 instead of last year's iPhone 6 because the higher number introduces an entirely new generation. If this thing is just called the PS4K then it will be following in the footsteps of the iPhone S models. The difference is the S models offer a significant number of improvements and the PS4K is rumored to only offer a bump in rendering resolution.