The rumors surrounding the specs for the PlayStation 5 include the fact that it will be backward compatible with older games and it should come with technology to render 4k resolution. That is going to push the HDTV companies to 4K resolution as a default and make gaming even more of a real experience.
As far as the actual release date, it looks like Sony could be looking at 2020 for a release date. That is not a confirmed date, as Sony has not said anything about the new console. If it takes that long to release the device, it can be assumed that technology would have advanced and a 4k resolution render is a for sure thing.
Other information indicates that Sony is likely to release two versions of the PlayStation 5. One could be pointed right at the gamers with online streaming capability, while the other model would have the same, but come with a 4K Ultra HD Blu-Ray player included.