That is NOT a low-spec PC, and you'll easily be able to blast the PS4 out of the water
. The i5 4690K should be able to handle gaming and multi-threaded applications very well. There are some games that would require the hyper-threading of an i7 for "Ultra" settings (eg. Crysis 3, Shadow of Mordor, and Arkham Knight), but there aren't a lot of those. As for the GPU, the 970 is pretty much the best card you can get for the money in Nvidia's 900 series - it's very much on par with the GTX 780, which was one of Nvidia's top-of-the-line cards just last year. 16 GB of RAM - awesome.
My only concern, is that the PC makes use of a Mini-ITX motherboard. That means that your upgrade path will be limited, so you won't be able add a second graphics card later on for SLI (if you have any interest in that). But, I have to say, the overall specs on that PC looks pretty nice for a single GPU setup.
If it's in your price range, go for it!