Series X being stronger than PS5 and having a disc would be a very strong match and better proposition for anyone that isn`t a fan of Sony first party titles, and Lockhart being a full 200 cheaper and still offering next gen game (with PS4 at the same price). Would be a big mistake from Sony, and I believe after PS3 they saw that they are strong, but aren`t alone in the market.
If we go by previous consoles, most users do not care for the differences. Microsoft's Xbox range have had the advantage in more performant hardware in a couple of generations (another if you count the One X). But this almost never translates to sales. The most important factor has been and will always be about the games and price. And Sony have at least one game that can sell the console at launch - Spiderman: Miles Morales. Xbox doesn't have any system sellers now that are exclusive at launch and nothing to really keep momentum after.
Another is marketshare and mind-share which Sony has on lock with Playstation, globally. Will be interesting though will be an uphill battle for Microsoft after all the blunders these last few months. I still think even with a much cheaper Series S out people are just willing to spend something more on a PS5, just because its either they are already invested in PS ecosystem and gamers are just not swayed on Xbox, as they were not with Xbox One.