You'll also get the ability to display your previous PSN ID alongside your new one (so your friends can recognize you). The first change is free, while any change after that will cost $9.99 Dollars / $9.99 CAD / €9.99 / £7.99 for regular users and $4.99 USD / $4.99 CAD / €4.99 / £3.99 for PlayStation Plus members. If this is an issue, you can revert back to the original name for free at any time (but just once during the preview program). Non-PlayStation Plus members will be charged $9.99 per additional name change, while PlayStation Plus members only have to pay $4.99.
As per the EU PlayStation Blog, a "full preview program" is kicking off soon for the PS4 that will allow a PSN ID change.
There is a catch in the fact that the name change is compatible with all games published after April 1st, 2018, and "a large majority of the most-played PS4 games that were released before this date".
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To make the change from xxxSniperJoe420xxx to "MyWifeIsMyLife2012" you'll merely need to head to the settings menu or profile section of the PS4. On the other hand, you can only choose to display your old ID or not at the time of the name change - the option won't be available later, suggesting that the old record is somewhat scrubbed after the change. Numerous most popular PS4 games that were released prior to that date will work as well, but beware, several games will not have the PSN ID change function. Reverting back to an old ID will resolve most issues caused by the ID change.
The preview program is set to go until the end of November 2018, and PlayStation has plans to roll it out for all PS4 players in early 2019.
Another caveat is that the new feature won't be compatible with all games.