No backward capability... yet

The PS4 won't be able to play PS2 or PS3 games, it's true. But Sony's stated hope is that eventually, by utilizing the cloud and the PS4's existing streaming abilities, that emulation of the entire PlayStation line's library of games will be possible at some point.
bal-reu-sony-ps4-f-20130221

( Brendan McDermid, Reuters / February 21, 2013 )

The PS4 won't be able to play PS2 or PS3 games, it's true. But Sony's stated hope is that eventually, by utilizing the cloud and the PS4's existing streaming abilities, that emulation of the entire PlayStation line's library of games will be possible at some point.

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