Any ideas on this? Is it legit, most importantly, in your view?
If talking about legit in terms of law: Its about as legit as any other emulator, any other fan-fic game, etc... etc... I mean, in order to run an emulator you have to reverse-engeneer the PS4 hardware/software to an extent (which is probably prohibited), you'd have to use copied game ISOs (prohibited), and you'd have to flash some of the "BIOS"-like software of the console. Seeing however since there has nobody been sued for making an emulator AFAIK, you decide.
If talking about legit in terms of whether it can be concerned trustworthy: Well, given that fact that there isn't even a PS3/Xbox360-emulator up to this point, I highly doubt it. 2017 is like 4 years from now, how long has the 360 been out yet? Nintendo, due to less powerful processors, seems to be easier to emulate given that has been a wii-emulator out for some years now. I wouldn't say its absolutely impossible to make an emulator for eigther of those newer/more powerful consoles, granted no later than the arrival of quantum compers we hypothetically would have so much computation power the we probably could emulate 50 PS4s at a time if their emulator were written by a monkey... yet again I doubt there could be a PS4-emulator if not even a fully working PS3-equivalent is out yet. Will take some more time, probably 2017 for a PS3 one? Who knows..