I remember Sony milking the PS2 sales and pushing the release date of the PS3 back and then getting their asses kicked by MS and the 360. Sony will never allow this to happen again which is why they released first, done a mid gen update first and will probably announce the PS5 first. They will essentially become the pacemaker between the two home consoles.
Secondly, I don't think they will do a Nintendo and base the PS5 specs on the PS4 when their competitor has a overall more powerful system, especially if they are planning on releasing first.
As much as both want a huge power leap for the next gen, neither will want to price themselves away from profits and sales. I can see the PS5 running a Ryzen 5 cpu with a Navi GPU, with a reveal in early 2019 and launch in November 2019.
I also wouldn't be surprised if Sony announced a Switch like PS4 the year before instead of a regular superslim if Switch continues to do well. This will probably help Sony sell the PS4 beyond its gen.
With 2020 and beyond, they run the risk of launching behind MS, and as we know, MS don't mind cutting a gen of early by a year or so just to get a headstart on their competition.
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