Of the PS4 games I played so far:
Battlefield 4: Single-player campaign is a complete joke. It's so bad I wonder why they even bothered. They just shoehorned it into the multiplayer maps. Speaking of which, multiplayer is fun on occasion but can be frustrating as well due to the amount of skilled players. Maps like 'Paracel Storm' look fantastic and really show the horsepower of the new console. The amount of players also wouldn't be possible on PS3.
NFS Rivals: One of the best arcade racers. The way they integrated multiplayer into single-player is hit and miss. The Interceptor mode in NFS Hot Pursuit(1 cop vs 1 racer) provided the most exciting racing experience in videogame history for me. While
in theory this mode is also integrated into Rivals it just doesn't work that well due to the game being too disorganized. Other than slightly better graphics, I don't see how this game is much different from the PS3 version.
Sniper Elite 3: A guilty pleasure of mine. Same as V2; the sniping is cool but the game in general is extremely mediocre. This game is also low-budget so any difference between the PS4 and 3 version is moot. Expect lots of invisible walls and low-res textures on both platforms.
Outlast: Actually had quite a lot of fun with this game, but only due to the kick-ass atmosphere as the gameplay itself was ass. Tedious to the point I wish it wasn't there
at all. All you can do is run away and hide. But despite that I could see the potential in this game though. Game looks great and really immerses you into the setting, so much so that I kept playing b/c I just really wanted to know what happened next. If the atmosphere didn't drew me in so much I would have uninstalled it after half an hour.
Resogun: It's fun in short bursts but I was bored by it pretty quickly. You control a spaceship that moves around on a sphere while you shoot things and rescue survivors. Like a mix of Choplifter and Gradius. But wasn't this PS4 we're talking about?
Watch Dogs: The scorn of many a angry gamer. I actually quite liked it. To be honest I think its probably my favorite game on PS4. Maybe b/c I loved Splinter Cell Blacklist and this game plays like an open world version of that game. It looks quite good as well. Not 'E3 2011/12 trailer' good(or whatever year it was) but it was definitely a step up from the graphics I was used to on PS3. Textures were sharper, lighting was better and some of the environments looked genuinely quite good. There wasn't a lot of variety in the gameplay and the cars controlled a bit iffy, but other than that I had a lot of fun with this game.
Wolfenstein: Its pretty good. It's an 'old school' corridor shooter with a decent story and a likeable protagonist. My only disappointment came from the fact that I expected more from former Starbreeze members. I played it on PS4 but if anyone said it was actually PS3 I would have believed it as well.
Killzone Shadow Fall: The only word with which I can describe this game is 'tedious'. Worst game in the franchise for me. The half-assed attempts of this game to do something 'different' are so broken that they only frustrate what is an otherwise already average game. Vekta looks nice though. But the gameplay ruins everything.
Last of Us: Absolutely great game. Shows how the quality of a game can drastically improve when it actually has a decent story. If I hadn't already played it on PS3 this would be my favorite game on PS4. Lighting is better, character models look better, textures have improved and it has an improved framerate; but its still the (same) great game.
But anyways, that's my experience with the (more or less) launch line-up of the PS4. I would have rather booked an extra hour with a call-girl for that money!

(the hot ones are expensive)