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I feel like there's been an overcorrection on the unreasonable level of gloom over the S2 launch.

Sony has strong brand loyalty (to the point that sales don't waver that much based on available exclusives, etc), has been competent on most fronts in 4 out of 5 gens and is now in an even stronger position with Microsoft providing their offerings on the PS5.

The sales show that it's more likely that these 2 succeed alongside each other than anything else.