That's the impression I get also from reading I've done. It seems similar to the Audio Scaler Processor DSP in the Xbox One, where it appears to handle things like audio chat and audio codecs, but it also looks to me like it has a few elements of SHAPE, specifically the functions of the XMA decoder portion.
That's what the PS4 audio block seems like to me based on the description. A DSP that combines potentially most or all elements of the Xbox One audio scaler DSP with some elements of SHAPE into one chip. At a glance, however, the Xbox One Audio block really does seem like the more capable and feature rich of the two. Another thing mentioned in the slide about the PS4 ACP is that it doesn't seem to be programmable by game teams, whereas I believe SHAPE is fully programmable by devs. Now, I assume middleware takes care of the ACP on PS4 for game devs, and I suppose that's fine for pretty much most audio needs. I guess the next question is, with SHAPE's capabilities, what, if any, benefits are there to being fully programmable? Anything meaningful?
Does programmable with the listed SHAPE featureset potentially mean freeing up more of the CPU for other things, possibly even more demanding audio effects?