There will be also a Neo2.0 out next year. Though I expected it to just replace the Blu-Ray drive with a 4k capable drive (some brain dead decision to design a 4k system without 4k BluRay capability) and keep the specs otherwise the same as the Neo, I wouldn't be surprised if Sony also upgrades the spec.
I fully expect Sony to do yearly refreshes from now on (well until the numbers are in).
For Microsoft this is a brilliant play. They have no intention to do yearly refreshes, they want to get out of the hw business and make the Xbox brand the gaming brand on PCs. But by jumping in they force Sony's hand and when the market crashes (i.e. most gamers have jumped ship to PCs) they have an exit strategy, whereas Sony's exit strategy is unknown (well, they sell it off like their other failing businesses, some chinese company might give them a couple of dollars for it).