Microsoft recently announced backwards compatibility on the Xbox one, but Sony today one-upped Microsoft by announcing backwards backwards compatibility. You will now be able to play Playstation 2 games on your PS 4. However even if you own the game already you will need to buy it again via the Playstation Store starting at around $10. So don’t go popping in your Parappa the Rapper disc into your Playstation 4.
You must live in the Americas and Europe in order to purchase the Playstation 2 games, no word on when if ever the games will be available in other regions. The games have been re-mastered into 1080p, so they should look a lot better than they did in the past. Just don’t expect better graphics.
Check out the announcement video below.