Sony Playstation Meeting September 7 2016 [PS4 Slim, PS4 Pro, Rumors, Speculations, and News]

And PS4 is pretty much maxxing out 1080p. Lots will argue with you on that one. Blah blah 4K HDR. So Neo's gonna be PS4K-HDR I guess.
 
Concerning the Name, I think "PS4 PRO" is more likely than "PS4 ULTRA".
The mainstream is used to premium products within the same family tree being called "PRO", compare that to "ULTRA" and basically everything called "ULTRA" has been a forgettable product.
It would also be more appealing to PRO gamers in name alone.
And you win
 
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