The rumored new PS4, which many called it either PlayStation 4.5 or PS4K, is actually codenamed PS4 NEO, a new report claims. In addition to this codename, this report also reveals details on the console's upgrades, price and how games from now on will work on both PS4 systems.
Giant Bomb, which claimed to have seen documents detailing the new console, explained that this project is internally referred to as the NEO. This new system will feature a higher clock speed than the original PS4, an improved GPU, and higher bandwidth on the memory. These upgrades will offer more stable frame rate, higher visual fidelity and support 4K resolution.
However, this new PS4 system doesn't mean that players will have to discard their current system in order to play future PS4 games. All games will be playable on both the PS4 and NEO, the difference is that every PS4 game is required to ship with both a "Base Mode" and a "NEO Mode". Base mode are setting for the current PS4 systems, while the NEO Mode is designed to make use of the hardware upgrades of the PS4 NEO. There won't be any NEO exclusive titles, gameplay options, items or any other features.
In essence, they are both the same console, with one just being more powerfull than the other. The PS4 and NEO will use the same PSN store, connect to the same online communities, and offer the same user experience, so expect to see the same cross media bar that you're used to. Players will be able to retain all of the purchases they made on the PS4.
Starting in October, every game will support both the original PS4 and the NEO. Games that were or will be released before October can also take advantage of NEO, but only if developers decide to patch their titles. Despite games starting to offer support starting in October, this doesn't mean that NEO will release that month. Although this specific report doesn't mention a price, previous reports indicate that the NEO would sell at $399.
Sony has yet to on the leaks, but we can surely expect an announcement soon.
Source: Giant Bomb