"PS Now will deliver a variety of popular PlayStation®3 (PS3™) game titles*1 first on PlayStation®4 (PS4™) and PS3 systems, followed by the PlayStation®Vita (PS Vita) system."
Before you get overly excited, here's what you need to know about the PS Now service.
Will I be able to play all of the games I own for the PlayStation, PS2, AND PS3 on the PlayStation 4?
Nope.
Though the titles may be available to stream on the PS4, if you already own any of the games, Sony won't have a way to recognize your previous purchases.
From Forbes:
“According to Sony, gamers who own disc or digital-based games
will not have access to those games via PS Now free of charge.”
That's probably not going to sit well with gamers. Why would anyone want to repurchase titles they've spent hundreds of dollars on already? This probably won't be as much of an issue with PS3 titles since most can be upgraded to PS4 games for an additional fee.