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Coming up on 2 years in a few months I rate it at 7/10 now.

Pros:
- Fast loading
- Fast boot from completely off
- Great controller apart from stick drift :/
- Surprisingly cool compared to the heat that comes of my Series X
- Works great horizontally
- Full BC with ps4 without any extra downloads
- Can have both ps4 and ps5 versions of games installed at the same time (was useful for GT7, split user base between the two versions)
- One touch mute all on the controller

Cons:
- 15 minute DRM, psn down can't play or if playing get booted 15 minutes later. (secondary ps5)
- PSN digital license check issues (secondary ps5) often negating quick resume (got to wait for license to be verified, often requiring a full restart anyway)
- Can't play CDs
- Can't play many video formats
- (4K) Blu-ray player is kinda slow and doesn't remember my subtitle settings
- Internet browser?
- Stand won't stay on when using it horizontally
- UI kinda sucks, still not used to it after 2 years
- Can't set the console to turn off automatically, always goes into rest mode even though everything for rest mode is set off.
- Can't turn the console from rest mode to off without turning it on first (gets angry when you unplug and move it while in rest mode)
- HDCP issues with my Sony TV, sound and or screen sometimes randomly cutting out for a second. Full restart plus tv reboot fixes it. (hasn't happened in a while perhaps fixed with a stability update)
- Inconsistent HDR settings, plus setup calibration often comes up again after moving to a different TV (all used before)
- Video capture with HDR on looks bad
- Can't set accessibility options (button assignments) on a game by game basis
- Screen magnification is difficult and confusing to use
- PSN store is slow
- Game library is slow and missing useful sorting/filter options

The games have been great so far apart from GT7 being a bit of a disappointment. I'm looking forward to PSVR2 although the lack of BC and no 3D blu-ray playback are two big cons for that.

I still use my ps3 more for a video player. Plays CDs, better blu-ray player, plays all my video formats, better UI. PS4 is obsolete now.