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If it's only slightly improvements, what would be the point in buying a ps4 neo? IMO, there must be a big gap betwen the two versions. Maybe the biggest change will be the PSVR mode.
If I had to hazard a guess, probably a similar skill set to the Xbox One S vs the original One: 4K playback and HDR compatibility. And, as others have mentioned, to aid in the performance of VR.
If there's a big gap, Sony risks alienating the existing (quite large) PS4 fanbase. It's a tightrope act.