I think it is better than PS3, but that is not saying much in competition with PSX or PS2.
IDK. I didn't play many PS3 games and the ones I did tended to be disappointing. Moreover, I don't really feel the pull to plug holes in my PS3 ignorance, whereas to this day I feel pulled to play more PSX and PS2 games, even though I played a lot of those, both as a kid and as an adult already going back and filling in holes.
PS4 only recently became a console worth owning by the lights of my taste and interests, but I am enjoying it these past 2-3 months, more than I ever enjoyed my PS3.
Still, I think I'll end up with like 10-20 games on it, which is not competitive at all with PSX or PS2. And it is not like the games are of a higher caliber than PSX or PS2 games either.
IDK. I could be being unfair to PS3. I was in college during its later years (2009-2013), when it seems to have become more loved. MGS4 and RE5 also soured me on the device a lot. But still, there really aren't many PS3 games out there that I feel I must play, especially that I can't play elsewhere.
Mostly, a Playstation console lives and dies for me by Japanese third party support. Also enjoyed Sony platformers, TimeSplitters, Twisted Metal, etc. as a kid. When I am looking for Japanese games that I missed that generation, most of them are late PS2 games or DS games.