Users that have already pre-registered as testers in previous PS4 software betas will have access to this new feature "soon". Changes after that will cost $10 USD/CAD / €9.99 / £7.99. You will be able to revert to your original PSN ID for free once at any time to resolve these issues.
After changing your name, you have the option to also display your old name in order to let people recognize it.
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You'll have the option to show your previous ID alongside your current one in case your friends need to find you, although you'll want to be careful.
The first name change will be free, and any subsequent changes will cost $9.99, or $4.99 for PlayStation Plus members. However, please note not all games and applications for PS4, PS3 and PS Vita systems are guaranteed to support the online ID change, and users may occasionally encounter issues or errors in certain games. It will be compatible with PS4 games released after April 1, 2018, and "the majority of the most-played PS4 games" released before this date. This should solve "most" issues. This preview program will end in November 2018. When PlayStation Network online ID changes officially launch, Sony will publish a list of compatible games released before April 1, 2018.
Another caveat is that the new feature won't be compatible with all games.