Unlike the Wii U, the PS4 isn't going away and will still sell extremely well. The PS4 is simply going to be the sub $300 entry level console and its sales will spike every time its price crosses an even lower threshold. I wouldn't be surprised at all, and in fact would expect, that the PS4 gets an internal redesign lowering its price below $249. On top of that I can see special $199 deals being made for things like Black Friday. That's going to be huge and will open up the console to a whole new market.
This hysteria is baseless. The standard PS4 is going to be THE lead platform for quite some time. It'll take like 3 years or more for the PS4K to overtake it, and that would be the natural end of the generation anyway.
I have absolutely no problems with the PS4K and generally I am a tech geek, but after the technolust for the specs of the PS4K died down I am not even sure that it is an automatic buy for me. If it turns out that the PS4K gets about as much improvement in graphics quality that the PS4 gets over the XB1, then it really isn't worth an entirely new console to me. PSVR could change my mind because graphical differences should be more apparent there.
The point I'm trying to make is that the PS4K isn't going to be like a new console generation that obsoletes the one before it. After an initial spike it's going to be a slow sell that will gradually ramp up.