I'll take faster speeds over "more power" anyday of the week, because the "more power" on the XSX is misleading because it's not a lot "more power."
The Series X is slightly more powerful than the PS5. This is a fact. However, the difference in power isn't generational. This is, more than likely, going to lead to slightly better graphics and slightly better framerates. We're not walking into a situation where the difference in power is like the Wii to PS3. I'm unsure if it was on here or on Reeeeeeeeee, but I read a post that said the XSX has about an 18% gpu advantage over the PS5. That 18% is absolutely going to translate to slightly higher/native resolution(s) and or slightly higher/locked framerate(s), but the keyword is slightly.
That said, an 18% difference is a joke compared to like a 60% or 80% difference in power. If the XSX had the horsepower to run every game at 8K or every game at 120fps or locked at 60, then frankly, the PS5 would look like a bad choice at the same $499.99 pricepoint. But I think a lot of people are about to realize that the XSX is not going to be able to pull a rabbit out of a hat. It's a powerful console that, by all current indications, will deliver 4K games running at playable aka non-slideshowy framerates.
The irony in all of this is that first-party Xbox games on a gaming PC will look significantly better than those same games running on Xbox -- especially the (inevitable) modded Bethesda stuff. So we could see a situation where the PC version of an Xbox game looks and plays considerably better than that same game running on Xbox, introducing a feeling of "This stuff is much better elsewhere." That's not a good spot for Xbox hardware to be in.
Now the plot twist in all of this nonsense is that due to the IO + SSD in the PS5 and due to most first-party PS5 games not coming out on PC, the PS5 could, by default, offer an experience that is perceived as being generationally better than the XSX. It's kinda funny when you think about it, i.e. the less powerful console could be perceived as being significantly more powerful because it's faster than the more powerful console. In any case, I'll take games that load in 2 seconds over games that load in 10 seconds or more.