You will be able to change your PSN ID as many times as you want.
All PSN users will be able to change their name once for free, though each subsequent change will cost money. For PlayStation Plus members, it will cost $5 USD/CAD / €4.99 / £3.99 after the first change. Australian pricing has not been confirmed yet. Additionally, you will have the option to display your old ID so that friends can become accustomed to the change. Sony says the feature is "only compatible with PS4 games originally published after April 2018". However, not all PlayStation games and applications will support name change. Sony will provide a list of supported ID change games (again, this is weird that it doesn't just work universally, and a glimpse into Sony's odd infrastructure).
How do you take part?
As of now, the feature will only be available to PlayStation users that have registered as testers for previous PS4 system software betas.
Unfortunately, enrollment for PlayStation beta testers is now closed, so you can no longer apply. This preview program will end in November 2018. During the preview program you can revert back if the errors are so busted that you can't use programs correctly.
Microsoft would in fact charge Xbox Live users a fee to change their name, which many players obliged to, but Sony were still reluctant. 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. If you're a PlayStation Plus subscriber, you get a discount: $5 per name change. "The full roll-out of the feature to all PS4 owners is planned for early 2019, so stay tuned for updates down the road!"
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