Sony Interactive Entertainment America LLC has filed a new patent on October 2, 2018 and it sounds pretty exciting. Sony could be planning on supporting Backwards Compatibility as a day one feature on the PS5. According to the summary of the patent, It seems like the PS5 could be getting Backwards and forward compatibility support with PS1, PS2, PS3 and PS4 games.
The patent is titled Remastering by emulation. It sounds like the previous gen titles could receive graphical enhancements.
Heres an overview of the patent
Each asset such as a texture called for by legacy software such as a legacy computer game software has a unique identifier associated with it. The unique identifier can be rendered by imposing a hash on the asset, and then the asset stored with its identifier in a data structure. An artist remasters the textures for presentation on a higher resolution display than envisioned in the original software, and stores them back in the data structure with their identifiers. The original software is then played on the higher resolution display, with asset (such as texture) calls being intercepted, identified, and the data structure entered to retrieve the remastered asset having a matching identifier. The remastered asset is then inserted on the fly into the game presentation.