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Rumors are that while MS will have the GPU TF benefit, Sony's console will have a faster and larger SSD and faster RAM. How that will work out exactly, I'm not sure, but raw TF numbers are becoming less significant.
I'm expecting that MS Series X will be mildly more expensive than PS5, while MS Series S (or whatever the cheap option will be called) will be mildly cheaper. MS seems rather conservative by not wanting to break compatibility with even the launch X1, while Sony seems to be a bit more daring by not guaranteeing that next gen games will be playable on PS4 models.