Based on my experience with all the consoles, here's my preference for players:
High-end BD Player > PS3 > Xbox One > Midrange = PS4 > Entry Level BD Player
Right now I watch most of my BD movies on my PS3, though sometimes my XB1 for the OS features.
PS4's is kinda disappointing but it gets the job done I guess.
PS4 playback has been updated if you haven't used it recently with legacy codecs. It's not as abysmally bad as it was at launch and will play most first and second gen BDs now, whereas it was really hit and miss at launch, and mostly misses.