Yup, very big if. But if any PlayStation architecture looks to make the leap into the following generation and stand any chance of architectural backwards compatibility, I'd say an 80x86 processor and AMD Radeon GPU without EDRAM/ESRAM, is probably it.
However I think that ARM could well be a serious contender next time.
ARM the architectural licensing company would not be, or rather a licensee of ARM with a specific implementation would be.
ARM's next round of cores should be more performant, but there still seems to be an inherent lag in time and performance between what the standard cores deliver versus what a custom design can give.
The A57, once it really rolls out, might offer performance somewhere in the range of AMD's Puma cores, which are themselves just a final polish on Jaguar.
That's not enough to emulate another ISA, and in the time frames in question the ARM architectural licensee with the most experience with the current gen's configuration is going to be AMD--should its corporate fortunes be less depressing in five years.
Arm could be the future sure. What would it take to get BC with arm though and if that is not a consideration then would not having BC next gen be more of a problem now than before?
The standard ARM cores do not significantly outpace more targeted and optimized designs in the same time frame.
Because the standard cores and system architectures must serve many disparate customers, a good fraction of this lag and suboptimality is necessary.
While Jaguar doesn't have a raw clock advantage versus the next few generations of ARM like Xenon and Cell had over Jaguar, it becomes uncertain that ARM has any desire to push its standard cores that far beyond what the console chips clock at.
While it is possible a future standard ARM can be significantly more capable, it may not be enough to make it able to emulate 8 Jaguar cores sufficiently.
A custom ARM core from an architectural licensee might have better luck, but then it goes back to AMD being the most likely candidate if its plans work out.
AMD's stated goal is to have a more fungible set of core IP that can create ARM and x86 sibling cores with implementations that push them over a prepackaged core.
There could be a difference in overall power consumption and possibly performance between the ARM and x86 siblings, but it's going to be a secondary effect.
At that point, if BC is a design parameter, why go with an ARM core unless AMD falls apart (not impossible, granted)?
CPUs aside, compatibility with the specific APU bus structure is likely another sticking point.
It's not something many others have chosen to do, and isn't strictly necessary.
If you want to make a compatible successor to an APU, it would help immensely.