MS could launch this year, and it wouldn't matter. They just don't have enough quality games to keep up with Sony at this point. Between all the Japanese games that skip the Xbox and Sony's 1st party studios, the PS4 has somewhere around 40% more quality AAA games. 

PS3 had trouble because it was $400 worth of gaming hardware with a $200 Blu-Ray player added in. It was the same issue when XB1 launched with $400 worth of gaming hardware, and then added Kinect to make it a $500 system. This time around PS5 will be $500 or $600 worth of pure gaming hardware. 

The PS5 wouldn't be late, MS would just be early. Console generations typically last seven years now. 

An early XB2 launch would be bad for gamers, because it would set the graphics bar too low. Do you want a repeat of two middling consoles like the original PS4/XB1, or do you want actual next gen consoles? 

Besides its a different situation. Sony doesn't need to rush anything, but they could very well just be lying about the release date too. 

The chips design is pretty much done and dusted at this point for the most part. Just some Q's and T's that need to be done... They do need to do additional QC testing and ramp up production and stockpile components and build out the software ecosystem and work with developers.

Sony advertising the fact it won't be out by 2020 though does give Microsoft a window to beat them to the punch, one reason why the Xbox 360 did so well is because it had such a large window of the entire market to itself, allowing it to gain a foothold.

In saying that... Microsoft and Sony derive their consoles from the same PC technological hardware base (AMD), so they are both stuck to the same technological timeline issues (I.E. Chip development) as each other... If we get an Xbox Two this year, it will be very interesting.

It's coming out on November 13th 2020.

Save this post and put a time stamp on it and come back to this thread next year. I'll tell you how I knew when the date is officially announced by Sony.

It's done indeed, but it's not available to mass produce until Q3 2020. 

Well Microsoft will have benefit from early release no doubt,  but it will make all Xbox One X adopter disappointed, also if Microsoft  using AMD Navi 20 lite and Zen 2 as well, they will comes at the same time frame as PS5. Navi 10 itself will probably going to be release on the summer and Navi 20 next year. 

PS5 will probably will have navi 20 lite along with Xbox Next , so probably we will ended up seeing the same pattern like with PS4 and Xbox One when it was released. 

The Last of Us Part 2 not due out before April 2020.

Right, seems like we're back on track for a traditional mid-November release.

I'm calling it at November 13th or 20th.

Well, with AMD tech launched this year, I consider a very good result that versions reliable and cheap enough for consoles will be available then.
Sony and MS gave AMD a lot of money and surely saved it, but that money, while precious, surely isn't enough to make AMD a fast and unstoppable giant like Intel, current results are very good in absolute and excellent if viewed in context and taking into account a competitor very powerful and that like NVidia wasn't defeated by competitors in console market, but just by its own greed.

Is it possible that Sony will make a full PlayStation 5 reveal at E3 2020 for a later 2020 release?

That's what I'm thinking for now.

There was no way it was happening any sooner. I don't think Microsoft will be out sooner either. I feel like we'll know by E3. If Microsoft announces their next gen at this E3, they'll tell us the date. If they don't, it'll be fall 2020, near the PS5. What'll be interesting is what the announcement of a date for the successor will do to the momentum of PS4 sales.