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I wonder if they should do a PS5 family of hardware at launch, and have the games be forward and backwards compatible. You could have a portable version of the hardware that works like a Switch, and you can have a beefier, stationary version of the console that plays the same games, but with all the effects turned up to the max.

Hard to gauge that. Since the PS portable thing would likely hold the beefier version back. But, at the same time, I think Sony needs to look into covering all its bases.