Unfortunately I don't know when or if the PS4 version of Terraria will go on sale, but I can tell you about the differences between the PS4 version and the PC version. The PS4 version is currently on version 1.18, which is analogous with the 1.3.4 PC version. It may not be exactly the same, but the main content of those updates (Dungeon Defenders/Deserts Update/Parties) is in there.
Basically the only significant differences between PS4 and PC are:
Leinfor's and Arkhalis' dev sets aren't on PS4.
NPCs don't always return to the rooms you manually assigned them to on PS4
The Crystal Furniture Set isn't on PS4
The Golden Furniture set is more extensive on PC.
The Sparky Painting is extremely rare, which was fixed on PC
That's all that PS4 is lacking IIRC, it can basically be considered equal to PC unless you really like Leinfor's very fancy hat (understandable) or the unique vanity properties the Arkhalis set has (also understandable.)
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