It's 2020 now, and both new consoles will launch later this year. MS already announced the XBOX, and showed off the first model, the Series X:
Other "Series" are expected to follow in the coming years, including an online-only version with lower specs.
No specs have been announced though, but some
pretty juicy leaks came out just before NYE.
Here's how they look:
Both very similar architecture, using the latest AMD tech. As you can see, the XBOX Series X should be significantly faster than the PS5, and that's just hardware - they've announced some pretty interesting platform designs that will essentially give the CPU and GPU direct access to memory. I doubt many games will take advantage of it immediately (except maybe Hellblade 2 and other exclusives) but once they do, the Series X should leave anything else in its dust - including top end PC's.
My thought going into this was if I was going to get back into console gaming, I'd grab a PS5 for exclusives, and do most of my gaming on PC. After all, Microsoft has significantly updated their support for PC gaming - basically everything that comes out on XBOX will be on PC as well. But man when I found out what the performance is going to be like, I might just want to do ALL my gaming on the XBOX. If it's $500, there's no way a $500 GPU can compete. Not for long, at least.