Transfer all you PS3 data (trophies, online name, etc.) to the PS4 no problem.
All former PS games, from PlayStation to PS3, will be able to be played with not problem. And I mean put the game in the actual system from the physical disc, not streaming. If there's a way to copy it from the disc to the system itself, I'll settle for that.
$300 at launch with no 'superior' version that works better and costs more.
I don't think any of those things will happen though, so I think I'm just going to sigh and go back to playing my old systems for a while.