I agree 100 percent. Especially with the PS4 looking like such a hit and Cerny remaining in charge of the PS5 architecture, I would expect all of the perceived good decisions about the PS4 to carry over to the PS5.
X86 architecture helps with ease of development and thus will help keep development costs down over time and allow for more cross platform games. Keeping the same X86 architecture also allows for backwards compatibility.
I would also expect moderately powerful but not overly expensive hardware. With many Sony divisions struggling, I expect that the company is very happy with not taking a loss on PS4 hardware. With the PS4 and Xbone entering the market with slightly underpowered GPU's, compared to the PC market, it should be easy to get the usual 8-10 times increase in power without breaking the bank.
Given the above, and noting that the PS4 has a 1.84 TF card, I would expect the PS5 GPU to be in the range of 15-18 TF range with a balanced architecture and plenty of RAM.