Paying for multiplayer access with the PS4 doesn't seem too egregious, especially since their online service also introduces a bunch of new social and sharing features. It also includes the benefits that PS+ had in the PS3 era - discounts on games, free games, etc.
The PS4 is actually a highly capable media centre - as long as you're not trying to stream from your local network. For me and all of my friends, that's not a problem. Since I don't watch much TV, BBC iPlayer and Netflix fulfils 90% of my entertainment needs.
I think we can all agree that while mildly frustrating, breaking backwards compatibility is a usually good thing.
The lack of external storage may indeed be a bummer. Though I have yet to see anyone complain about hitting filling up their PS4's disk. Storing shared videos (and to a lesser extent, screenshots) in the cloud alleviates some of that, I would imagine.