Silver lining is at least we're at the point where buyer has some control. Yes it's taken way too long and yes of course a current-gen console is an expensive luxury item, but at least now with there being different versions you can find pre-owned, used, open box, bundles, etc.
As much of a Sony Pony as I am, I can't even make the argument that the PS5 is great, and that is about the games, even though I enjoyed some games. That recent dunkey video sums it up- sequels, remakes, etc. I honestly would say a PS5 is a "must have" for hardcore fans of God of War or FromSoftware or if, like me, the slick 3rd person baby action movie games like Ghost of Tsushima are the pinnacle of modern entertainment.