So I just got a PS4 last evening and was of course super excited about it.
I booted it up (took me a few minutes to locate the power button) and it went through the obvious firmware update and all that jazz.

Finally, it asked me to enter my PSN account details. I entered my details and thought about it for a while and threw the error code: "CE-35287-5".
I tried a few more times and got the same error before I decided that this was not going away on its own.

I try to look it up in a few locations but did not find anything useful including the official Playstation support sit:

On somewhere I found a hint that it might be related to the number of devices an account can be used on. I had my account on an old PS3 which was replaced by Sony, my current PS3, my friend's PS3 and my Vita. Apparently it is only possible to "deactivate" PS3s (assume that means de-linking the account from the device) from the PS3 itself... There is an option though to "deactivate all devices" on the "account management" section accessible through a PC. This is allowed only once in 6 months and I was able to deactivate all my devices and the login on the PS4 went through.

Just made this so that there would be more info on this topic.