Installed on my PS4. I watched a few videos on the installation and while they were informative it seems they missed an important detail in a few videos. When you install a PS4 operating system onto a hard drive, it's not as often an updated version of the software that's being linked. This is a complete operating system that occupies over 800 megabytes. I realize this is common sense, but just wanted to point this out because it took me a minute to realize I had downloaded the wrong version when I clicked the links in some of the update videos. As for the HDD on the PS4, I ran some before and after tests to see if there was a speed boost (I wasn't expecting it). Results were pretty much the same across the board, plus or minus a few seconds when running games like Black Ops 3, The Witcher 3. The main difference, of course, is the sheer amount of storage I have now. I think the investment was worth it.
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