PlayStation 3 players will be able to transfer their character data to Diablo III and Diablo III: Reaper of Souls on PlayStation 4, Blizzard has confirmed.
Game director Josh Mosqueira explained "we're still figuring it out" in terms of how the expansion pack will be distributed on PlayStation 4 -- he did not specify whether existing users will receive a discount, or whether Diablo 3 will be required to play it, but reassured players that their characters would make the leap between generations.
Mosqueira also said that Diablo 3: Reaper of Souls on PS4 will run at 1080p and 60 frames per-second
source: Reaper of Souls Runs at 1080p, 60fps on PS4, PS3 Characters Transferable - IGN
And running at 1080p 60fps...