One of the worst kept secrets of 2024 finally got revealed officially, but boy is it pricey. The main draws of this mid gen refresh are it has a better GPU that will allow for smoother framerates at higher resolutions and improved ray tracing, and uses a proprietary super resolution upscaler to even enhance the resolutions on backwards compatible PS4 games in addition to current gen PS5 titles. It'll also have a 2TB SSD already installed, and will launch on November 7.
While it sounds like it's got the bells and whistles one could expect from such a mid gen refresh, two major things about it made me go "woof, good luck selling this to the average consumer." First is the fact it's going to be priced at $700, actually eclipsing the infamous $600 price the PS3 launched with back in 2006, and is also the same price the 3DO console launched at way back in 1993 (though in today's money a 3DO would be closer to $1000). Second is that Sony will NOT be including a disc drive on the console, you'll have to buy that separately as an attachment, which will make the "true price" of the console closer to $800.
This is very much an "enthusiasts only" sort of device, and sounds like a better deal for folks who don't already have a regular PS5.