I'm calling it: If PS4K doesn't come out this year, it's not coming out at all.
Releasing it in 2017 is beyond stupid when they can just wait a year and release PS5 instead, regardless of what Microsoft (and to a lesser extent, Nintendo) does.
A ps5 releasing in 2017 wouldn't have any different technology available than a ps4.5 releasing in late 2016
14nm
GDDR5x (HBM2 in 2017 but that is WAY overkill for any console specs you'd have in 2017)
polaris/pascal
Nothing would change
Technically sony could release a full 10 x performance generational leap console in 2017 I suppose, if they used gp100 big pascal and an 8 core zen xD but that's not going to happen as that's high end stuff (probably 275W gpu and 100+W cpu)
Don't expect a full new gen console till like 2019 when 10 nm gpus and cpus will allow that kind of jump with midrange hardware
I think we're done with "real" jumps. We're already at the point of diminishing returns. PS4 and XB1 games came out and some of their games were playable on 8 year old hardware (PS3 360). Maybe it wasn't the best experience, but it worked.
My guess is that we're done with the concepts of generations, and we will see performance evolution over time, but not performance revolution. This will allow for developers to target and benefit from previous "iterations" of consoles along with whatever the new hotness is.
Power is rarely a barrier to creation anymore.
People called the xbox 360 the xbox 1.5 when it just came out because initially it didn't do anything the first xbox couldn't do either.
Also "power is rarely a barrier to creation anymore" , please we are so many years away from hitting diminishing returns on graphics, let alone on what game mechanics are possible.
Still waiting for a next gen wave race game with some convincing water simulation, or for any game to able to do something as basic as a mirror properly
Look at games like rainbow six siege or that microsoft crackdown 3 footage for a little glimpse of what can be done when you have more performance available than the old xbox 360 or the star citizen system multicrew and local gravity system (both sound so basic yet haven't been done in a multiplayer game before)
I think we haven't seen more than a glimpse of what's possible in games yet, but to do much more we'll need exponentially much more performance.