Hm, actually... while I am not even one of those people who claim that graphics don't matter at all, I think I would consider that "PS3.5" if it's priced accordingly and, aside from just the visuals, gave me the same experience as a PS4 would.
For me, graphics are pretty much at a point where they reached the Uncanny Valley. Meaning that often graphics don't impress me at all (aside from GOOD stylized visuals maybe), and even if they do, that first "wow!" wears off incredibly quickly. We're just at a point where things look so good, their flaws stand out more to me than their good parts. Even if I go at something saying "wow, this looks impressive", that is often immediately followed by "that washed-out texture though" or something similar. That didn't really happen as much last-gen or in PC games from around that era. I still can appreciate great visuals from around that time more than I do today, mostly. It's just a different mind set. And I don't really expect that to change much next gen, especially after the initial wow-factor has worn off and we've gotten used to it.