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I think Sony's gonna be just fine. PS3 was a fluke in their console dominance. And let's not forget it was a huge comeback kid. It went from a distant third all the way to slightly beating Microsoft for second place.
Pricing is a huge issue to figure out for the PS5. Charge $400, and you're drowning in lost profits. Charge anything more than $600, and not many people will buy the console. I say $450-$500 is the sweet spot.
Ever since I got a PS4 Pro last summer, I'm a passionate PlayStation gamer. I haven't jumped ship from Nintendo, but rather expanded my experience. I will get a PS5 at some point, but I might wait all the way for the Slim revision. A reduced price and a better form factor than the launch model are appealing. However if it takes until 2024 or 2025 for the PS5 Slim, I doubt I can wait that long.



Lifetime Sales Predictions 

Switch: 156 million (was 73, then 96, then 113 million, then 125 million, then 144 million, then 151 million)

PS5: 115 million (was 105 million) Xbox Series S/X: 48 million (was 60 million, then 67 million, then 57 million)

PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)

3DS: 75.5 mil (was 73, then 77 million)

"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima