In regards to the former, Sony said that it would be a very large list. And Sony meant it. Nearly all PS4 games are going to be backwards compatible on the PS5.
Which means you can take your entire library of games with you over to the new console. Or, almost your entire library of games. If you have any of the ones that aren't backwards compatible, then you'll need to keep playing those on the PS4.
99-percent of PS4 games will be backwards compatible on PS5
A large list is a large list. In this particular case, 99-percent of the games from PS4 will work on the PS5.
It's not quite the backwards compatibility that some were hoping for. As there are still a number of consumers that want the PS5 to play PS3, PS2, and PS1 games. Technically, they will. But only if they've been ported into the PlayStation Store as a PSN game or if they're available on PS Now.
The PS5 won't actually be backwards compatible with games from those systems though. And that unfortunately means you can't insert the discs from them into the console's Blu-ray drive. If you have the disc model to begin with.
With the PS4 games though, you're golden, and you should be able to download them digitally as well if that's where the bulk of your game library is. But what about the PS4 games that aren't compatible? There's only a very small amount of them.
Just ten games won't be backwards compatible
Sony is only leaving behind a total of ten games from the PS4 era. That's as many games as you have fingers.
All of them also seem to be smaller games rather than big budget AAA games or popular indie titles too. Chances are Sony found that the games weren't that popular or being played that much. Or maybe there's another reason entirely why they weren't added along with all other games.
The games that aren't backwards compatible are Shadow Complex Remastered, Hitman Go, Afro Samurai 2 Revenge Of Kuma Volume One, DWVR, TT Isle Of Man – Ride On The Edge 2, Just Deal With It!, Robinson: The Journey, We Sing, Shadwen, and Joe's Diner.
Surely there are some people out there that loved these games. But, as you can see, it's less likely that people are going to be heartbroken about not being able to play these on the PS5 once it launches.