Even just £5 extra for BR that costs 50p more to make doesn't seem like such a steal, and I'd think most people feel that way.
Capitalism and economics 101 - nothing is priced at its raw economic value, things are priced at the value the market will sustain. If you're happy with DVD quality you can buy movies cheap although when you hit rock bottom, DVD and Blu-ray discs are about the same - as evidenced by the Amazon link above. You seem to be saying you want better than DVD quality but only want to pay DVD prices. If only life was that simple!
As for PS4K (this name is really growing on me), this is going to have extremely niche value until a lot more native content is available in 4K. I've had a Bravia X8 series 4K TV for almost two years and the best 4K video I've seen is stuff Sony supplied with the TV which was actually 4K 60fps footage of the last World Cup and which looks amazeballs. No 4K content I've seen since looks anywhere near as good, including Netflix. Even with H.265, ramping the resolution doesn't overcome the limited bandwidth.
Inevitably picture resolution will increase but I think 4K is the new 3D. It's interesting, niche and even quite good when the technology is implemented well, but I can't see 4K being the next technology cornerstone around which a new standard is anchored like VHS, DVD and Blu-ray. Extensions of what we have now, but nothing earth-shattering. But again, where is the content? So, as I said earlier, I can't see Sony developing a second SKU for 4K video. But adding 4K to new PS4 builds? Sure, why not. H.265 licence aside its probably virtually cost free with the next board redesign.
Can existing BR drives read the first two layers of BR4K? I f so I suppose you could go for a single release and just ship improved assets on the final layer....
Likely not. The new Ultra HD (Blu-ray 4K) standard had adopted a new a tri-layer format which are 33.3Gb/layer (compared to 25Gb/layer for Blu-ray) but only Dual (66.6Gb) and Tri-layer (100Gb) discs are formally supported. Presumably this means the layers are encoded differently so whether an existing Blu-ray drive can read an Ultra HD disc would, I guess, depend on the drive (and whether it can be reprogrammed) and the disc itself.
But if any drives and controllers were designed with this in mind it was probably the consoles.