I stand by what I said months ago that there’s no way the X|S beats PS5, but after almost a year of owning a Series X, I couldn’t be happier about choosing it over a PS5. And mainly because of what you outlined in your original post, the value. It starts with the hardware. For the same price I get a more powerful system. But then there’s the controllers. I can play co-op SX games right now using all of my six or seven Xbone controllers alongside my SX controller. If I wanted to play Overcooked on PS5, I’d need to either install the PS4 version and use that one to use my DS4 controllers, or buy multiple $70 DualSense controllers. Yuck.
You were also right about GamePass, it’s been insane value already this gen and will only get more insane once all these studios start dropping games. But just in the last half of 2021 there will be/have been Flight Sim, Hades, Psychonauts 2, Halo, FH5, Back 4 Blood, 12 Minutes, AoE4, State of Decay Homecoming, etc etc.
I think it all hinges on GamePass for them. They can really make up some ground if GamePass takes off. When Nintendo charges $60 for games that never go down in price and Sony charges $70 for games, the value is just too good.