Wrong. The Xbox 360 Arcade came out almost an entire year after the Ps3 had already released.
As for the rest, yes, more to my point - Which in case your forgot - Is that the ps3 was overpriced and had no exclusives/lineup to speak of at launch. 2 things I hope the PS5 avoids.
It wasn't so much that the PS3 was overpriced. I mean really it couldn't be when Sony was losing ~$300 per console sold. If the PS3 was actually able to show off that it had superior HW from the beginning of the gen, no one would have complained. However, the 360 had a year head start to build up an install base and library, plus a $200 cheaper entry price ($299 vs $499), while still getting better multiplats during the first year or two. And Sony's exclusives didn't really start to show off what the PS3 could do until a year after launch with Uncharted. Even after devs got the hang of the PS3, the multiplats were mostly the same. Nothing like the XBO vs PS4 situation at the beginning of this gen.
In the end, MS was wise to make sure that the entry price remained $120+ apart for the first 4 years of the gen. And for 3 of those 4 years, including the year before the PS3 dropped to $299, the difference was $200. It was just too big of a difference, especially when the HW wasn't showing that extra power, to ignore.
Now, we come to the PS5. I don't see them pricing it higher than $499. However, I also think the lowest they would go is $449. Sony is willing to lose money on each console sold, but they don't want another PS3 situation. And considering all of the improvements in the console and controller HW, I'd say it is definitely worth that price. And considering that MS is most likely not going to want to lose a bunch of money on HW, especially when they are starting to focus on streaming, I think the lowest they will go is $499, the same price the XBO and XBO X launched for. And considering they are going to be almost identical HW-wise, with some saying the PS5 has a slight edge, this won't be anything like the PS3 launch.
Definitely getting excited for an early 2020 reveal. Loving the sound of the rumble improvements. Hopefully, it is something that devs will actually use on the PS5, since it seems to go overlooked on the Switch. At least I haven't heard it put to use like they describe in the article. The closest is making it feel like there are marbles in it in 1 2 Switch. The adaptive pressure for the triggers is also interesting. I just hope it is very sturdy and won't break, leaving just normal triggers.
It'll also be great to finally see what Blue Point is working on. They said it's big and that millions will be looking forward to it. I think that takes out Demon's Souls, as that didn't sell at least 2M. Same goes for LoD, though they already dispelled that rumor. If it's a Sony exclusive, the ones that pop into my mind are Syphon Filter, Ape Escape, Infamous, Resistance, or Twisted Metal. Maybe more like a trilogy remake, instead of just one game. Though, they also said it was more a reimagining. To me that screams a really early series that needs to see updates in not only the visuals, but how it plays, as well. In that case, I think the more likely candidates are Syphon Filter, Twisted Metal, and to a lesser extant, Ape Escape.
Personally, I would love to see some remakes of Sony's lesser known titles. Ones that I remember loving to play but didn't get a lot of fanfare. Games like, Drakan, Kingsley's Adventure, and, a little more than the other two, Ghosthunter.