No loading time is awesome, I think it was interview with the Soul's remake dev that mentioned reloading is main felt "pain" of dying, now that's gone.
The faster SSD (and advanced I/O system to match) will also translate to more better quality textures on screen at any given moment while moving.
Could also allow other assets to be handled without disrupting texture data, e.g. more geometry, or even NPC AI code activated earlier than otherwise.
Honestly one of PS5 tricks I'm most curious about is using Tempest for non-audio tasks, whether game doesn't need it for audio at all, or just doesn't
need the full capacity in terms of # of audio sources, it can also be used like a Cell except it is already on the GPU so presumably/hopefully should be
even more effective at synergizing with GPU workload (i.e. doing what it does best to allow rest of GPU to work more effectively).