There's a few considerations to take after sitting in on the PS5 announcement and analyzing both consoles. I'll drop them below:
1. It saddens me that supposed game fans are "happy" that their console "wins whatever". This applies to both PS and XB users. The problem here is that a nerfed system will always be a bottleneck for all systems when developing multiplatform games. Graphics are not everything, there's also game mechanics that are either possible or impossible with any given system.
2. A lot of people DO NOT understand how a system is designed, neither they understand what a performance bottleneck is. Let's put things like this: If you have a quadcore CPU from 2008 and slap it in a Motherboard with a GTX 2080 TI and 64GB of RAM, you are wasting resources. Your CPU will be your bottleneck, and you will not achieve the same performance as someone with a more balanced system and even a GTX 2060 or 2070, depending on how balanced those systems are.
3. With that said, nobody is saying that system X or Y will have obvious bottlenecks, but it looks like both companies went with completely different approaches to how games are designed and how resources are utilized.
3.1. The XBox Series X seems to throw raw power into the equation, which has been the status quo since 2013. This is an ok approach, especially because these are custom built chips designed to maximize performance and minimize losses. I expect great things from it.
3.2. The PS5 is more "refined" in it's approach, and by this I mean, the amount of custom processors designed to offload load from the GPU and CPU is staggering. While the machine has overall less "TFlops", it seems to be "better rounded".
4. I'm basing myself in the tech sheets and my minimal knowledge of hardware.
5. I really want that, in real world applications, both are similar. In that scenario, all true gamers win.
6. Spec sheets will be closed way ahead. Sony would absolutely not add "variable clock frequencies" and "boost the clocks" because the Xbox announced a higher TFlop count. We don't understand how RDNA2 affects thermals and clock speeds yet, so best reserve our judgement when launch time comes.