"The big issue for the PlayStation 4 is its lack of offline backwards compatibility. It’s the most often repeated complaint, usually followed by some variation of the phrase “it’s not a deal breaker, but really Sony should have made more of an effort.” Moments later, a foil-hat equipped conspiracy theorist will explain in great detail about how this is just another way that Sony is trying to bleed money out of their fans, and then that horrible word will rear its ugly head: anti-consumerism.
"The truth is, there’s a very good reason that the PlayStation 4 doesn't have backwards compatibility. It’s not because Sony want to screw you over, although I know some of you would love for that to be true."
Update In response to a few more common misconceptions, we've updated this guide to contain sections on PCSX2 (and why it's not good enough for the PS4) and cloud issues.