I suppose it's a late post, still, thought I'd share my experience, cuz initially I had similar doubts.
Carrying PS4 in cabin/hand baggage is OK. No issues with domestic and flights to/from Manila and/or customs.
My backpack had laptop, PS4 (slipped inside a tshirt) and a few documents. Was asked at HK transit security check about what it is, and I uncovered the tshirt and showed them the Sony logo, the security guy said "Ah! PlayStation" and smiled, lol. However, always make sure to remove it from the bag, along with laptop etc., to avoid 'extra' checks and queries from security guys.
As for packing the DS4, I bought a couple of plastic utility boxes (can get in any supermarket), just pick the size that fits DS4. To avoid further damage, I stuff the empty space with crushed newspaper balls and small napkins, then pack it in hand baggage or check-in baggage. No issues so far.
The PS4 500GB model sells here (MetroManila) for around 15k PHP, which is around 20-22k INR. I bought a silver model (for 15,500 PHP) for myself, as the one I carried from India, got lost in the cab when I traveled here (long story). A friend who was visiting, he also got one for 14k php, and then also managed bargain a brand-new but old model for around 12k PHP at another shop. He traveled back to Hyderabad last week, with 1 console in check-in baggage and 1 in cabin/hand baggage, no questions asked. Of course the internal packing was thrown off, but he did carry both the outer boxes by flattening those and packing inside check-in baggage.
So, if anyone is traveling here, pls PM me cuz I'd like to buy/send one for my brother in India
Hope this helps.