From Digital Trends:
According to Sony’s support, the error code CE-34787-0 signifies that the “Application has crashed.” The “official” fix is to first close the application and then install the latest firmware update. If the problem continues, Sony suggests “back up your saved data, and then go to [Settings] > [Initialization] and choose [Initialize PS4].” This is the same advice Sony is giving on the forums, yet complaints continue to come.Joystiq first reported the error that caused many PS4 consoles to contain corrupt saved data. Some users have complained about pouring in hours in hours on popular titles like Assassin's Creed IV and Battlefield 4 and not being able to use the data.
Some issues have gotten severe enough that consoles aren't even booting up, running into that error before the user can operate the unit.
Opting for an extended warranty, especially with brand new technology, is often the right move. Another is purchasing PlayStation Plus even for those that don't plan to play online much. The benefits that PS+ gives in game value is in addition to special features like putting game saves on the cloud. In this instance, backing up saves is tremendous news for those that have to delete and reloading apps.
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