https://www.eurogamer.net/articles/digitalfoundry-2020-borderlands-3-next-gen-upgrade-tested

Next gen enhanced versions of Borderlands 3 have been compared.  Looks like the XSX has the advantage here in performance mode with a more stable and higher frame rate at a targeted 120 fps with a difference of up to 15 frames, as stated by the team at DF and seen in the video.  Both versions aim for native 1080p in performance mode.

In quality mode, both sport a solid 4k 60fps with minor dips into the 50s in rare occasions, and you really can't go wrong here.  There is mention of the PS5 version having better shadow draw and foliage density, but it is mentioned that this is likely due to the legacy code left from the X1 and PS4 that is the reason due to the exact same distinction existing between the PS4 Pro and XSX.  While this does not mean anything for a "power comparison" it is one thing that puts the PS5 version slightly ahead in this mode.

The XSS sports a more noticable dynamic 1440p resolution that remains topped at most of the time, but can sometimes drop to 2112x1188.  It does hold a solid 60 fps akin to its bigger brothers, but lacks a 120 fps mode.

Loading advantage goes to the PS5 with a general 3 second lead best case.

While the overall advantage goes to the XSX in performance and PS5 in visual (thanks to legacy code), both versions seem like a solid upgrade and you can't go wrong with either platform.

I guess it's a good thing I still haven't beaten the game. Gonna play it with all these nice next-gen enhancements

Great to see both consoles delivering almost the same results. It's just one crossgen game, but still counts as one more point for the "Power narrative is bullshit" team.

After playing Borderlands 2 on PSVR, not gonna play 3 until it gets the VR treatment as well. 120fps and 4K mean nothing once you've played it in VR :/

Bought the super edition and made it like an hour in before the writing soured me on the game. So I have access to all of the DLC and shit but never played it. I'll download it sometime after I finish my Gears play through.

Another one, without a clear victor.

PS5 has higher quality shadows (they dont look like blurry messes), and much more foliage (grass/bushes), slightly better AA?
Both handle 60fps mode around the same (pretty well).

120fps has both see occasional dips down to the mid 80's... and usually its in the 100-120 range.
Xbox series X, seems to have a 5-10fps advantage at certain times (rarely upto 15), during this 120fps playthrough by DF.
Neither run this flawlessly though, pretty erratic fps by both in 120fps mode.

I think the foliage and shadows have to do with the legacy code going all the way back to the base X1 and PS4.  It very well could be that the X1 needed those compromises and the base PS4 did not, as we all know the power difference there.

Because those same differences are identical to the X1X and XSX/S, it could be the differences are due to these upgrades being texture packs and tweeking stacked on top of what is already there.  And since the PS5 would be scaling up with enhancements stacked onto the PS4 version, the difference with small details like that remained.  If it is true that the least common denominator for each console is being used and scaled up from their respective brand, it could explain a lot when it comes to these minor visual differences.  This is not even a cross gen game afterall, but a gen 8 game enhanced.

I imagine this to be the case with cross gen games as well where these minor differences may be present.  Seeing how in most cases cross gen is made for the least commom denominator, it is possible that the X1 could hold the XSX back more so than the PS5 if the developer takes the easy way out.

It will be very interesting to see how games made specifically for gen 9 turn out in the future.

I like that new trend of consoles becoming PCs. By next gen we can expect full option menus.

I'd also add that the series X version running lower shadows and foliage probably helps take the lead over PS5 in the 120 fps mode

From what I read in the 120fps PS5 also have higher quality assets that likely explain the drops being harder.
But considering both systems drop to as low as 80fps and also 800p I would say this game is the poorest optimized so far. And well it doesn't look that impressive graphically to justify this performance burden.