On October 10, PlayStation announced that changes to your PSN Online ID "is coming", starting with a select group of test users. That small cost is meant to discourage scammers and griefers from constantly changing their account name for the purposes of harassment. It was a pleasant surprise, as it's something users have wanted for as long as the PlayStation Network has existed.
Like Microsoft's Xbox Live Gamertag, Sony will offer the first change for free when the service is launched on the live servers. This is a choice users will have to make; once you decide to display your old ID or not, you won't be able to change this. That said, it's not a wholly rosy picture.
Perhaps unsurprisingly, Sony notes that not all games for PS4, PS3, and PS Vita will support PSN ID Change. Sony has since made the news official, explaining that PSN users can change their name as soon as 2019, however there will be drawbacks. "For PlayStation Plus members, it will cost $4.99". Reverting back to an old ID will resolve most issues caused by the ID change. We'll get a list of officially compatible games at some point in the future.
If you make it into the preview program, you can change your ID to your heart's content until the beta wraps up at the end of November 2018.
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So there is no guarantee that your Online ID will reflect in any games prior to April 1 2018 - worse, PlayStation can't guarantee that there won't be "issues or errors" with older games.
In order to change your ID (whether you are part of the preview program or once the feature officially rolls out), you can go to the Settings menu or complete the change on the Profile page of your PS4.