They estimate February, but honestly I'm thinking it'll be never.
The sad simple truth is that this game was never designed with current gen consoles in mind. It was always designed for PCs. When the now-current gen consoles were announced and specs got tossed around, CDPR realized they were basically mid-tier gaming PCs, so they would run the game fairly well.
I'll reserve final judgement for when the PS5 version comes out, but aside from 60FPS, the current build looks like crap on PS5. It runs sub 1080p most of the time, lighting and shadows are horrific, it's technically speaking the worst looking PS4 game I've played, including on an actual PS4.
Visually in terms of atmosphere it looks great, if you can see through the low resolution and terrible LOD. I believe they can and will fix these things; what I'm not confident will ever be fixed though, is the AI/game logic, it seems like it just hasn't been written/implemented at anything more than the most basic placeholder.
In theory it's using DRS (Dynamic Resolution Scaling) but I've never seen it change to a "good" resolution.
The 1.04 patch improved things but many textures are extremely poor while others right next to them are sharp and clear. For example, a building or railing texture will be good, but a dumpster or any other object which isn't fixed will be extremely low resolution. On the whole it's very soft and just gives a "blurry" or "out of focus" feel.
The result for me is eye strain as it feels like I'm always trying to focus on something that won't be focused.
Subjectively speaking, it _feels_ worse quality than a 1080p game when I was playing on PS4. I don't have any real evidence to back it up though.