It's sort of semantics, but they aren't REALLY working on a PS5 at this time. What they are working on is a continual series of examinations and tests of ideas and emerging technologies balanced against economics. As the target date gets closer to reality, they will begin to firm up spec, design, philosophy, and budget.

I hope they stick with x86.

In a way, it sucks that 2013 was D-day for gen8 with MS/Sony. The Jaguar CPU and die size were a couple real sore spots. The upcoming Zen CPU, even in a 4-core variant, would have enabled DRASTICALLY more powerful consoles at the same price.

In Gen7, dev obstacles were :

differing architectures between the big 3
early multicore utilization with PS360
LOW MEMORY, be it 512+10 or 256+256, that was the big one

In Gen8 those obstacles are nearly eliminated beyond any doubt :

only Nintendo remains non-x86, but it's almost a fundamentally 1st-party only console, so it is fine for that
multicore utilization has improved dramatically, and will continue to do so (partially because a single Jaguar core is garbage)
Plenty of memory, and it's not segregated (the OS/reserved amounts are kind of stupid, but whatever).

But now we have new limitations :

Terrible per-core/IPC performance (all 8 Jaguar cores together are notably weaker than 2C/4T i3)
More overheads from background OS/App nonsense

On balance, PS4/X1 are of course better, and suffer fewer limitations compared to PS360 (the ram issue being a massive one), but a holiday 2015 X1/PS4 could have been bananas at the same MSRP.

Looking at all the cross-gen releases, and the maturity of the PS360 APIs, I would have even preferred it TBH. So many games for PS4/X1 could have been done on PS360, even the exclusives, albeit at reduced clarity. But some say they can't tell the difference anyway, so all the better, right?

I'd be surprised if they weren't. I wonder how many PS I'll see in my lifetime tho 😄

Bu-Bu-Bu this will be the last gen to see a traditional console release.

Dr.Vita said: Playstation will again dominate the generation like always!

Yeah, except for last generation. 

me too xD

Might be the end of console gaming. More and more publishers are dropping big names and slashing budgets in favor of mobile development. Just look at the present gaming drought. I haven't touched my PS4 since Alien Isolation.

If we can get more than just remakes and remasters on the ps5, that´d be great

Nintendo announced they were working on next console, people said it will be out 2016.

Sony announces they are working on new console, therefore by same logic it must be out 2017.... flawless logic.

But seriously, no surprise, companies ALWAYS begin researching new consoles soon after previous one launched.

I won't. It would be unfair for other appliers to be up against me.

PS5 releasing 2016 with HD ports of PS4 games and ports of PS4 games that are HD ports of PS3, PS2, PS1, and Gamecube games.