So... What Exactly ARE the PS3 Limitations

[Reynhart]

If you notice, the first two issues prevent SE from putting in an event where you either get cutscenes or transition in the middle of a fight, or from putting too much emphasis on Hunts and anything they might implement as non-instanced content. So yes, the PS3 is and always has held back content in the game, even if it is stable in regular instanced content.

No, it doesn't. You don't put cutscene in the middle of the fight, because you're not sure that people will play those at the same rate. Some will skip, some will read the dialog in a flash, some will take screenshots of everything that happen...like what often happend in T4 once you activate the elevator.
It you talk about putting a cutscene in between two fights in the same instance, we have that at the end of Aetherochemical Research Facility.

As for hunts and large FATEs, it's also false, since they made a great comeback in HW, and it doesn't really restrict PS3 players' progress in the long run anyway.

These options not being available IS a limitation of the console as it was not designed for people to customize their graphic settings.

But it's not limiting what PC and PS4 players can do. The graphic setting are made to be flexible, especially to provide adequate gameplay for higher and lower specs. After all, DirectX12 offered a graphical upgrade while PS3 stayed the same.

There was no confirmed issue with PS3 support when it comes to how the game runs on PC and PS4.