The primary issue is not complete PS4 compatibility, since a warning appears upon launch. In GTA Online, for instance, the action menu (for, say, forming a group or a motorcycle club) is not displayed, while the corresponding sound effect is. The claw grip is an unusual and uncomfortable way to hold a joystick, making it less than ideal for use in first-person shooters. I'm hoping the bugs will be ironed out and the joystick will become second nature. If you aren't planning on playing PS 5 exclusives, there isn't much reason to upgrade from the PS4, especially from the 4th firmware, although in my online gaming experience, I haven't noticed any significant graphical or download performance differences.
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