PS5 - Fall 2020 in North America, UK and EU.
Early 2021 in Japan and rest of the world.
7nm node but maybe 7nm+ (depends on TSMC, GloFo. TSMC has been the choice for current mid-gen consoles)
PS5 will use a pretty damn beefy APU - but an APU it will be, not a discreet GPU.
8 core / 16 thread Zen 2 mobile-like CPU @ ~3 GHz
12~14 TFlop semi-custom GPU, a mix of Navi and Next Gen architecture / features
32GB RAM. Probably GDDR_ type rather than HBM_type RAM to keep costs down. But either way, not less than 32GB.
128GB BDXL
Devs will be free to use PS5's power to do whatever they want in terms of graphics complexity, frame rate and resolution.Though PS5 hardware is built to handle native 4K reasonably well. Alternatively, CBR and other techniques can still be used to save GPU for better performance.