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So 2023 or 2024 will be when we see games that can ONLY be played on PS5 level hardware? And by then we will be thinking about the PS6, which will I guess be by PS5 hardware for its first 3-4 years, if this tradition continues?

Interesting! I like the mindset of accessibility, that is consumer friendly, but I also understand people's frustration about not getting to see truly next gen experiences until halfway through a console's life cycle.