sony has no reason to patch things unless they need to,they have plenty of work to do otherwise, and patches are easy to release with the ps4 being an online social media platform and requiring at least some form of broadband connection at some point or another for many reasons
as for the internal workings of the ps4's os, it still requires some form of sdk and wont come with any easy holes this time even if its like a pc
as far as what its capable of, hardware wise, dream cast would be emulatible within reason, aswell as the other 6th gen consoles
as for the ps3 roms?are you referring to flash dumps of the os? as the ps3 uses disk based gaming, the games would be iso's, roms are flash dumps from cartage's like snes and vita,3ds
and digital games are package format
@snake, your pal 60gb ps3 has a ps2 in it....or at-least half of one, and the interesting things it can be made to do are also better then the original ps2, and the 1080p support that came with the physical hardware and the easy bypass of most of the security is just a joke, so dont count it out yet
piracy will always be a part of console hacking, it is about the easiest profitable method of financing most hacking, look at the cobra dogle and such, but many console scenes let the drama lock them down, though piracy has never really hurt any consoles as-far as sales or game development, most pirates are poor and wouldn't buy the games anyway even with the chance
the dreamcast was scr..ed from the start by bad game regulations on the Saturn in several markets and horrible treatment toward game development companies like working designs, look up magical knights rayearth for Saturn in the us.
virtual boy by Nintendo was ***(though innovative) and a health hazard and pushed out by political groups over damaging children's eyes.
dammit Nintendo why you go and hurt the little children, if you do it again, you 150+year old company will be destroyed legally
as for bugs in games, this usually consist of an exploit of how the system runs parts of the game like hijacking savedata routines to run hbl or tnv, or a glitch in the games engine like linux in the original xbox for games like slpinter cell and james bond games. witch can all be fixed with patches now,
or in the case of the psp, the original ofw 1.00/1.50 doesn't have a security system in place and ran unsigned code,(yes,dark alex started with a psp with ofw 1.5 and decrypted the next fw with an unsigned hombrew...everything else fallowed suit.)
most of these methods are now monitored to block such issues, or don't work on different hardware or made much more complex to avoid such easy access
sony understands how backward compatibility is the hole in current gen consoles like vita, wii u, and 3ds and is trying to weed it out with methods like psn only bc games and programs like PlayStation now were you don't have a physical or digital copy of a game locally unless absolutely necessary,
hmmm

i dont know why i wanted to type this big load of ***
any thing i left out or am completely wrong about? lets start the "Monday Night Debate!!" Yall!!! lol