Regarding backwards compatibiity, is it going to have a big catalog of PS1, PS2 and PS3 games to download or something?
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It doesn't have backwards compatability but it will be able to stream games from the playstation library through gaikai
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the PS4 won't have backwards compatibility per-say, but it will have the ability to stream PS1/2/3 games using sony's Gaikai service. (Although this meant huge input lag)
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If I recall correctly, they said they were going to try to get most of all the libraries on there. But it's also not something that is going to be available at launch- or presumably anywhere close to it.
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Nothing's been said about it.