But see, you're missing the point. Of COURSE it's not 'cutting edge'. I know that. I know the PS4 wasn't cutting edge on release! It's a $400 computer. Clearly, you could buy a better rig if you wanted. I've had computers in my house before they were really 'computers' [think, several line led 'screens', almost like calculators], Apple II+, Apple IIe, IIgs, and I built my own pcs as a kid back when Windows wasn't even a pipe dream. I've chased tech, I've done all that. And now, like most console owners, i just want to buy a console and be done with it. Stick the latest disc in, hit play.
The mistake you're making, however, is thinking people care about 'cutting edge' technology in the way you mean it. To 99% of the population, the current, cutting edge console is 'PS4' [and XB1]. It doesn't matter that it's multi-year old hardware, and that's the mistake too many people deep into tech [and/or gaming] make. People don't f'ing care. They want the -latest- console [but years after release at a steep discount]. They want to play the games advertised on TV [Uncharted, CoD, AC, Madden, etc] and on the main shelves at Target, Best Buy, etc.
And when they drop their $300-400 on a new console, they want it to feel 'new' and 'cutting edge' for a very long time. That is an absolute shitload of money for most families to spend on a device that only plays games.
Sure, single people [often] in their 20s [or wealthy people of any age] want tech to be 'the absolute best' because they have disposable income. That is NOT the majority of people. The lion share of the console user base gives not one fuck that the internal tech is years old, but they do care that they can play great versions of the games on tv.
The very fact that you cared how PS3 games performed means you're in the overall minority. Most people not deeply vested into gaming just accept how a game runs as 'how a game runs'. Heck, I game all the time and have plat'd Sleeping Dogs and Saint's Row 2-4. They ran bad? I never noticed. Not once. Didn't care, because they were fun.
But if there's a family out there waiting for the PS4 to go on sale for, say, $250 on Black Friday, and they're willing to wait 4 years for that.... they still want the PS4 to be 'the latest console'. The PS4.5 risks alienating the console base. And of course some people, like you, will think it's a good idea. Those with disposable income, or those that care deeply about performance, or those that just generally like new tech / early adoption will eat it up. No doubt. But those people are a tiny minority of the overall console base.