For the first time ever, I will not be getting a new console either day one or even within the first few months. There is no need to pay £70 to play an old gen title like Assassin's Creed Valhalla when I can get it on PC for £36. Both consoles have a very limited selection of release titles too. I'd rather wait and then pick up a better version of the consoles i.e PS5 'Slim' for instance rather than being stuck with a first gen unit all the way or having to upgrade to a new model.
I had my PS4 since 2014 and it took 4 YEARS before quality games began to release. When I look back at the shite I had - Killzone Shadowfall, Infamous Second Son, Watch Dogs, FIFA 14, Remasters galore - it was just a waste of money and it wasn't until God of War did the games truly begin to shine. All the other multi-platform guff I had on PC for much cheaper.
I think the PS5 looks very good and Demon Souls will be an amazing launch title but I'm not sure if it's viable yet. Let everyone pre-order and then just pick up a better unit in the future. If the cooling is as bad as it is on the PS4, I may never pick up one at all though..