I have read some confusion on this headset on ps4. Here is the status currently.
ps4 firmware update to support dongle was promised now seems to have slipped to unspecified future.
if you plug it in to controller and turn it on, it works but not the mic. Set "all audio" to headphones in system audio settings.
if you turn it off it works just as well but also the mic works: however the mic quality is not great it is audible but sounds a bit robotic. Driver and dongle support is necessary to get the nice ps3 mic quality.
ps: to test how any headset works with the ps4, create a message to a random contact and click the record/screenshot button you can then record and play 15 seconds to hear the fidelity. You don't have to send the message to preview over and over.
for a cheap substitute for the crap included ps4 mic, buy the mono earforce p4c, it has an ok boom mic and open air one ear cup and doesn't transmit too much game sound from your tv.
I am a bit concerned sony plan to hand turtle beach the ps4 headset market and not make their pulse elite ever compatible