PS5 is doing better in the exclusive games department. While I haven't really been impressed with any so far, at least they're trying. There's new content there at least, which is more than I can say for the Series.
They are not trying, they are delivering.
The XBX is doing better pretty much everywhere else though. Gamepass is better than anything the PS5 has comparatively. The UI is better than the PS5. Performance is superior to the PS5 almost across the board at this point, and that gap will likely continue to grow.
Performance is superior when multiplats are either slightly higher res / or a couple % points to either the Xbox or the PS5, depending on game? And why will this continue to grow? Do you think SDK's are static on Sony's camp and evolve on Microsoft's camp?
Both systems have their benefits and drawbacks. While it could go either way, I think the XB Series has a higher upside. The PS5 dualsense didn't impress me, and so many broken triggers doesn't bode well going forward. The PS5's storage solution has been disappointing as well. Sony can correct any of these issues in the future, but at this point there's no indication of it. On the other side, MS has only the single issue of games to correct, and there's ample evidence to suggest that they're working on it.
Broken triggers? Storage solution?
On the first, this must be a fairly small contained issue that didn't make it to first page on gaming pages on Reddit and even Gaf. Your regular 3% fail rate, most likely. In my company there are at least 20 to 30 acquaintances with PS5's and so far no issues with either the Dualsense and the console itself. That's already a decently sized pool, especially because they are scattered across the globe.
As for the second, there is an indication for it, they will unlock the storage once there are SSD's that meet their criterion (or have been thoroughly tested, I suppose).
I think E3 will tell us a lot. If it gives us a clear and positive indication of games coming to the XB Series consoles, then I'd say they're clearly better option going forward. If it's vague, and doesn't show much content coming, then I'd say the PS5 has the potential to be the better option.
It's always E3. Don't worry, you'll likely see 3 or 4 games running on "Hardware with similar specs to the XSX", as normal.