PS4 southbridge as Media TEE Game Codec encoding happening in the Southbridge not the APU. If this is not the case then the h.264 output from the USB to the PSVR box can not display any overlays generated in the Southbridge TEE. The TV needs a 60 Hz or lower frame rate and the VR headset needs 90 FPS or greater.
According to Ito:
It wasn't Ito that mentioned game streaming encoder in the APU, it was the author of the article. The 2013 PS4 will support two of the coming UHD blu-ray features; HDR and object/positional audio for games through the custom HDMI port but not UHD. HDR requires HDR negotiation passing though the HDMI chip to the game engine which makes the PS4 HDMI port what I would call a 1.4a which is not a HDMI standard. So is the custom port able to communicate with UHD TVs and support HDR over a HDMI 1.4 port or is it a HDMI 2.0a port with only HD output?
Business decision and shown with the XB1 slim hardware breakdown, it costs no more from 2015 and later to support UHD Blu-ray than it does to support HD blu-ray given console economy of scale.
Given the interview occurred just before the release of the 2015 PS4 and final designs for the PS4 Slim and Neo would have been locked with chips for the 2016 PS4 already in pre-production, this statement "corresponding policies for Ultra HD Blu-ray is of a currently under consideration." means support is in hardware for releasing UHD on either 2016 and possibly the 2015 console and the only part that could change would be the drive which according to Penello, the difference between HD and UHD drives is a change in the lens which would have no difference in cost.
Sony has not announced UHD blu-ray support in any PS4 console and the PS4 Slim box does not list features like Sony's Upscaling HD blu-ray players list. No list of supported codecs, CD, DLNA just a few IPTV Apps. I believe the above is the reason. No UHD blu-ray support but support for UHD streaming media is also a possible choice.