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Otter said:

I feel 120m is on lock.

Probably Sony will transition quickly again and move people onto the portable system or PS6 if its aiming for a relatively mass market price, so I think it will have a sudden end of life similar to PS4.

They might keep making PS5's and sell them cheap as their entry level console. If this happens, I expect it to beat not just the PS4 launch aligned, but also the PS6 for a year or so. It could go like PS2 vs PS3 early in that generation. Sony's focus is shifting towards active spenders.

Either that, or there will be a "Vita TV" style version of the portable PS6 at launch, in which case PS5 won't be needed, because they may be able to price that as low as a digital PS5.