I remember reading about this before the game came out and if I recall correctly the reason bungie did not have it because the draw distance and other performance based issues would not be equal.
I wish you could have the ps4 edition and also be allowed to download the ps3 edition to use if you have both consoles. I'd like that personally.
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It's was mostly draw distance and resolution not be equal enough to the point of giving PS4 a visual advantage. It wasn't really about it not being possible. My initial post quotes the Digital Trends interview where it indicates it's possible but they didn't want to do it to give PS4 users some advantage in resolution, which is bologna since PC users have all kinds of Resolutions.