I'm personally more excited about the Series X than the PS5 from a long-term perspective. That library has a likelier chance of basically lasting for every future Xbox console given their philosophy so far, and I think that's pretty great and I'll have a decent on-demand library available all the time via Game Pass, which so far has catered to my sense of discoverability and taste quite well.
Obviously this sort of thing has existed on PC with the slight caveat that some games require just a little more effort to get running on modern hardware than others — usually not a big challenge for me but definitely understandable how it might be a massive deterrent to others, and I think Xbox just streamlines that feeling even more. Shy of licensing issues preventing some of my old favorites from reappearing via backwards compatibility, it's kind of amazing to have access to a good chunk of my personal gaming history via their BC efforts all on a single contemporary platform.
But the elephant in the room for me is still that I want to play Miles Morales and Demon's Souls far more than any game that will be S/X optimized at launch. Yakuza 7 and Cyberpunk would be very likely pickups for me on Xbox Series X, but I didn't manage to secure a preorder on a Series X — if Best Buy in the US restocks for launch day then I'll absolutely buy one, and failing a launch day pickup I'll still go for one ASAP. I did manage a PS5 pre-order though, and I'm pretty happy with that considering my interest in Miles and Demon's Souls.
My plan in terms of how I use the consoles remains the same as I had this generation: PlayStation for exclusives and fighting games (because that's where I own my arcade stick and some fighting games are PS-exclusive); Xbox for all third-party games and Game Pass. I play enough third-party games that I think it basically makes the Xbox my "default" console.
