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Pemalite said:

Nope. It can't be used as a measurement because it's a theoretical number and not a real-world performance number.

The amount of Flops also doesn't tell us the capabilities of the rest of the chip only the single precision floating point, so things like geometry performance, fillrate, integer, half precision, quarter precision, double precision, bandwidth and so on... Which are also vital aspects of a GPU don't even get mentioned.

It can be a tool to compare capability measurement  on doing compte workload and comparison between similar architecture. Let say RTX 2080 and 2070.

You might be a little bit confused.
The Playstation 4 Pro doesn't use a 14nm fabrication process... Rather it is 16nm at TSMC. - Global Foundries 14nm was what the RX 480 used, based on Samsung technology, thus they aren't remotely comparable.
The Playstation 4 Pro dropped in November 2016... We had 16nm TSMC chips rolling out an entire year before that... And designs being taped out a year or two even before that. - We don't have any 7nm+ chips yet and designs have only just started to tape out.

Sony also can't "choose" to do anything when they want to, they are at the mercy of the fabs and AMD and how big their wallets are, Sony doesn't make monolithic chips anymore, it doesn't own leading-edge foundries, it needs to rely on everyone else to do that and thus they need to adhere to their production time frames just like everyone else.

The possibility of using 7nm+ is still there especially when Sony/Microsoft can let others fabrication manufacturer produce PS5/Scarlet chip because AMD are not producing chip they are just designing chip. Also the problem is not on Sony/ Microsoft money,  because they have the money.  They can either choose TSMC or Samsung differ from AMD own GPU lineup for PC, just like how PS4 pro using 16 nm fabrication while Polaris RX 480 using 14 nm. 

Also Samsung already made statement they can already produce 7nm+ for mass produce. Some smartphones already use it for their parts. So 7nm+ is still be in the realm of possibility

If it's faster than the 1080, then it means it's likely slower than the 1080Ti or roughly in the same ballpark, which will be 4+ years old by the time next gen hardware launches.

That would be like hoping that the Radeon 7850-level GPU in the Playstation 4 was faster than the Radeon 4870, which it is... It's not actually that big of an achievement.

RTX 3060/Geforce 3060 levels of performance in 2020 won't be anything to write home about, but it is impressive when compared to hardware of today.. But like always, hardware improvements don't stop... It just puts things into perspective that consoles generally aim for mid-range cost-effective hardware... That's not a bad thing per-say.

I know It slower than 1080 ti but Gonzalo benchmark slightly the same performance with RTX 2070 or RX 5700 xt, it's always be the  targeting spec for PS5/scarlet and it's enough for console. Even 1080 ti performance can be achieve by GTX 1080 using optimization if there is a game specified made for GTX 1080 . The problem is PC always need more raw power to run games because PC is struggling on optimization (most PC games demo and trailer using 1080 Ti to avoid bug and trouble). Also PS4 are using a slower modified 7870 ( less 2 CU and less GPU clock speed) and better than 7850. 

Console having mainstream is what people expect , no one will pay for expensive console and expensive GPU also because console is small, less power consumption and have less generated heat and sound  DB. Normal people just want to have small box that for gaming only. Also RTX 3060 and 3050 will be  the standard , developer will targeted games at that performance. As long it can run the games  then there is no problem having mid gen gpu inside console. Console is more of power to price ratio for "gaming only" 

No way is it going to be in the same league as the Geforce RTX 2080. - Geforce RTX 2070 is the best you could hope for.
Remember... Navi is only good for an extra 25% IPC improvement over GCN... The rest of the gains comes from a rebalancing of the hardware, bandwidth gains and clockspeed boosts relative to Polaris.

There is a massive divide between AMD and nVidia... And considering consoles need to be conservative with TDP's due to their limited cooling capacity and power delivery... We need to keep things in perspective and not overhype things.

Please read again, I said "The bottom Line " I am agree with u PS5 will just be comparable to RTX 3060/RTX 2070 or close enough. I am a realist but at the same time I also a dreamer. Everybody can have a dream right? Because we also don't know what is the final price of PS5/ Scarlet, if they want they can just increase the price to have better GPU and larger die size , even though it will sacrifice TDD/TBP , price and size. 

Ray Tracing was always one of those technologies that was going to "creep" it's way in gradually over time... Games started dabbling in Ray Tracing even back in the 7th gen... And I wouldn't be surprised (I haven't looked it up specifically yet!) the 6th gen with some deferred renderers.

In saying that, we are only getting our tippy toes wet in regards to ray tracing.

Ray tracing is the holy grail of every 3D games developer, it's very expensive technique that require expensive hardware, that's why it could be a selling point at least for gamers. I know it will creeple performance especially for console , but developer can just use it as marketing tool and hyping the console. Probably even on PS5/Scarlet  we will not see many games using RT , probably some first party ip or low RT on some triple A games. It will just be a combination of Rt and  Resteraser  

If backwards compatibility alone is what ensures that the successive console is to outsell the previous...

Then why didn't the 3DS outsell the DS?
Why didn't the Xbox One outsell the Xbox 360?
Why didn't the Playstation 3 outsell the Playstation 2?
Why didn't the WiiU outsell the Wii?

I am not saying backward compatibility " alone can achieve that"  but  it's enough to sell PS5 , because there are so many factor that make all the console you mentioned are failed on the market at least not achieving their target,  even though they have backward compatibility. PS brand and names after PS4 success in the other hand already has names, credibility, backward compatibility and brand bigger than Xbox even in US alone (not even counting across the globe). If PS5 are not repeating the same problem like PS3 did (expensive but no power advantage over it's competitor that can be seen on normal people , late to the market, bad controler ) than PS5 will sell like hot cakes to every PS4 owner. 

It's a bold assertion either way. I get that backwards compatibility is certainly a value-added incentive to retain some gamers, but from the statistics provided... Those who go back and play older games are actually very much a minority.

Indeed it's minority but on first year or early year, all PS4 owner will go and adopt easily PS5 because they have a lot of backlog and games that can be replay with enhanced option on PS5. PS3 /Xbox 360 transition on it's early year are different because PS4 and early Xbox One hardware were not able to run old games. If Xbox One has these feature on it's early day, then it would be a different stories