Prior to E3 2016, Sony confirmed the existence of the next iteration of the PlayStation 4 console, codenamed Neo. The confirmation came after plent of leaks and rumors that had been surfacing for months.
While Sony has confirmed the existence of Neo, they have not offered very many details on the console as of yet. There's no word on when details will be released, but a recent interview with Sony's president, Shuhei Yoshida, has revealed that Neo will not shorten the life cycle of the PS4.
Following a question focused on whether or not the generation was ending quickly due to hardware progressing at a faster rate, Shuhei replied:
"Well no, PS4 is PS4, you know the new high end PS4 is still PS4, so you know the lifecycle is not going to be shorter," responded Yoshida during his interview with Gameswelt.TV (via GameSpot / NeoGaf).
If there were any worries of the PlayStation 4's cycle being shortened by the appearance of a more powerful version, this should help quell those fears. Neo will not force PlayStation 4 owners to abandon anything in support of the new console, it is simply an enhanced PS4 – not a new console.