Here's some issues that will come up with this:
1) If my PS4 breaks, and I have to send it in for a MFG warranty repair/replace (or buy a new one), does this mean that all my games that are encoded to the old system are rendered unusable on a new system?
2) If my power's out, yet I want to play a game that I have and my brother doesn't, I go to his house and yet cannot play the game on his PS4 because my PS4 is encoded to that game? (essentially screwing LAN parties with people's different games/systems).
3) Will there not be a legal battle for those that own these products in saying that they cannot do with what they want? For example, what if I decide 6 months into it that I no longer want to have a PS4. Well, I can sell the system but now I can't do anything with the software, cannot resell it or anything (unless it goes with the system.,..but gamestop won't take it like that, that's for sure).