Received mine today from Amazon (pre-ordered it back in June/July, heh).
Thought I'd try out the Blu-ray Disc playback capabilities since there really aren't too many games at launch that really grabbed me. Upgraded to 1.50 firmware and threw in The Hobbit: An Unexpected Journey (the 2D disc from the 3D multi-disc set also available at Amazon). It put up a "Blu-ray Disc" tile / menu item on the screen (note: it did not detect the disc title or display any art for the disc). I pushed "X" on the tile and after a short wait, it came to a blue screen that said simply:
Cannot play the disc.
I haven't tried any other titles yet, but I have no reason to believe there's anything special about this specific disc (a disc which the PS3 I have plays just fine).
I am truly disappointed that Sony appears to be ditching regular consumers with the PS4. And while I own the device, I hope they pay for their intransigence in the upcoming console wars. Word is they're reconsidering CD playback and MP3 playback, but that's a far cry from all the features the PS3 offered consumers (video file playback, the ability to story media on the system) or the actual increases in functionality one would expect (instead of the decrease we're getting; you'd have figured MKV support at last, maybe even FLAC support, and certainly HEVC/4K file support in the future, if not at launch).
Instead they seem very interested in pushing their music and video streaming services. Services which I would never use, and have zero interest in.Update
Popped in Iron Man 3, and it played. I'll try some other Warner titles next to see if there's a pattern.