I'm also old. But I was also broke back  then. So when I think of Sony I think ps4 because that's when I was able to buy every game I wanted. Good or bad. So I have very few memories of games from the ps1/2 cuz I played very little of them then. 

I`m 37 and can only say that I have been more satisfied at each interaction than I was before.

I wish I could say the same, but it's been the complete opposite with me. If I had to rank the consoles, it would literally be in the order of their release dates. Although, I will gladly admit that PS2 is superior to PS1 when it comes to its library of games. I just enjoyed the freshness of the PS1 generation more. It was so exciting playing 3D games for the first time. Special times. 

I understand your sentiment and I'm sorry that you feel that way. And as much as I like how things are and the games we are getting I can certainly accept and support who asks for Sony to invest more on their japanese studios to bring more quirky and diverse portfolio, we never know if from that won't appear the next golden goose.

I agree with you, and I would also say that it's actually good for a business to stick with its identity.  I keep thinking of Coke releasing a new version in the 80's.  The market didn't like it, and so they went back to the old formula and called it "Coca Cola Classic".  That flavor is what people associated with the brand, and they didn't want it to change.

When it comes to Playstation, I really don't think the PS5 is anything like what the PS1 and PS2 were like.  Originally, Playstation was an affordable console that featured the best Japanese third party games plus some Western games and also some first party games which were often from their Japan studio.  That started to change with the PS3, which was no longer affordable and started feeling like more of system for Western games.  PS5 is also expensive and now Sony doesn't even have a Japanese studio anymore. 

Where is the affordable system that features Japanese games?  It's the Switch.  The Switch is filling the same role that the PS1 and PS2 did, only it has Nintendo's first party leading the way.  Back in the 90's there was an expensive system that featured Western games.  It was the PC.  Basically Nintendo now has the system that fills the PS1's role while Sony has the system that is like the 90's PC role.  

Playstation is still more affordable than Switch unless you only buy games on release

Most of Nintendo best selling games are sold for 60 USD like... forever. While for Playstation you can get deep discounts and a bunch of games monthly with their PS Plus subscription

Xbox is also more affordable than both

Playstation still getting all the third parties from Japan, nothing changed. Resident Evil? Final Fantasy? Street Fighter? Kingdom Hearts? Devil May Crystal? Sonic? Metal Gear? What's not on Playstation? Momotaro?

If you enjoy JP games, Playstation is the way to go, otherwise everybody would be buying Xbox at this point and it's clearly less expensive and with a more consumer friendly approach

What you guys need to understand is the times where JP games were the best selling in the market are over. This is not due to JP games becoming less popular (I'd say they are becoming more popular, even) but instead western games popularity skyrocket

Surprisingly the only market where I'm seeing JP third parties declining in sales and degrading in popularity is... Japan. Paradoxical

Well, I bought the PS1 mainly for western games, Japanese games with western szenario and racing games.

Western games: Crash Bandicoot 1 - 3, Spyro 1 - 3, Tomb Raider 1 - 5, Soul Reaver, Tony Hawk's 1 + 2, Oddworld: Abe's Oddyssey, Die Hard Trilogy...

Japanese games with western szenario: Resident Evil 1 - 3, Metal Gear Solid, Silent Hill...

racing games: Gran Turismo 1 + 2, Wipeout, Ridge Racer...

PS2 was quite expensive back in 2000: DM 869 (€444) in Germany, due to inflation that would be €615 today. The US price $299 would be ~$500 today... PS5 has a $399 / €399 model since launch.

The US price of the PS1 $299 would be ~$562 today: https://www.inflationstation.net/

"Playstation is still more affordable than Switch unless you only buy games on release"

For the most part, no, this is wrong.  First there is the very obvious $500 for PS5 vs. $300/$350 for Switch.  Secondly, third party games on Switch do tend to come down in price.  It is mostly the first party games that stay high in price and even there Nintendo runs discounts regularly for people who want that.

I have, they were about $30 on BF a couple of times.

But you are right, it seems they pricing seems different this time around.

So you ignore inflation for PS5 price (that launched at loss and base model at 400 USD), ignores that Switch is a lot weaker as console, and ingnore a plethora of titles from 3rd party simply skip Switch just to fit your point.... ok. I guess PS isn't for you.