Depends on price, launch games and features it has.
If there's not many games and no outstanding features from the jump, I'm gonna wait and see which console ends up being better. I doubt I'd be buying any new games after cyberpunk for a while unless something big hits
Once I decided to trade in my PS4 Pro come October, in turn I decided to buy PlayStation 5 day one. And Xbox Series X for that matter. Fuck it, I want both day one!!! Time for me to move on to the next generation baby!!! Whoooo!!!!
tl;dr probably going to get excessively philosophical about it before succumbing to my impulses
I've always waited for a while after a console launched to make sure it had no major flaws, and also to build up a library of more games that are more discounted. But the last console launch, in 2013, I would have just been finishing university and so been careful about all expenditures, and now I've never been in such a position where I could day one a console without thinking about it twice before. Part of me says treat yo self, you can do it now so go for it, even if it might get frightfully near four figures in Canada which is still bonkers for a console to me. The other part looks at the sub 1000 hours I put on my PS4 compared to everyone else with many times that, and wonders if it's worth it. I've never been more able to get it, but that ember of thrill may be shrinking.