I'll repost my prediction on this thread
I believe we will see how the console looks like either from a tweet before the event this coming week or on the video stream itself. It's too close to manufacturing time for PS5 so they better if showing it before design is leaked.
As for the games reveals I think it will mainly be a first party showcase with only a few 3rd parties sprinkled in.
Horizon 2 - This is a guarantee, Guerilla games tweeted the event, it's been a while since the original. I reckon this game will show the power of PS5 the most. Probably have a fight with a flying robot dinasaur grapple onto it flying past the world in a crazy fast speed destroying it midair and come crashing down. Will be a good showcase of the PS5 with its fast loading of the world like the Unreal 5 demo when the protagonist flew past the world. Sony has already gave a example of travelling in a world super fast with Spiderman tech demo.
Ratchet and Clank Sequel - Sony has stated she buying inSomniac Ratchet and Clank will be a key franchise for them. The last one sold quite well, Ratchet is also featured in the PS Studio intro logo. This game would be a great showcase of the adaptable triggers and Rachet games have a variety of crazy weapons so the triggers changing when equipping different weapons would be a great showcase.
Demon's Souls - worse kept secret out of all the Sony exclusive games. Bluepoint have been hunting at a next gen game since the wired article they have also tweeted about this event.
Silent Hill - another rumour that can potentially be true though not as strong as the Demon's Souls rumour. Why I think it's possible, well we had that Silent Hill update for Dead by Daylight. Also Team Siren haven't made a game since Gravity Rush 2 which was a while back. Team Siren teaming up with the original Silent Hill leads could potentially happen.
Gran Turismo 7 - We gave had that logo leak. Also it's tradition Sony at least show a racing game for the PS5 unveiling. Unfortunately Evolution isn't around anymore as well as Liverpool. So it's up to Polyphony to show their game as they are the only Sony Dev who makes racers. I think the next Grab Turismo can also be developed faster by reusing the same assets from Sport. You could say perhaps Sport was the prologue go the eventual 7.
Arrowhead Games New IP - Not a first party studio but I believe they are making a exclusive for PlayStation 5. Helldivers came out over 5 years ago.
FIFA - FIFA is the biggest gaming franchise in the world. Sony have a history of having the marketing rights to this franchise. Because the PS5 event is a week before EA Play event it makes perfect sense for EA to have their grand unveiling of the next FIFA at the PS5 event and to say check out more about this game at our EA Play event next week.
Call of Duty - We are overdue a COD announcement. We usually get one in May. So it makes sense they are holding out and to have the game revealed at the PS5 event. Sony have a history for having the marketing rights for COD. With COD and FIFA being at the PS5 reveal they have 2 of the biggest gaming franchises at their event for mainstream appeal.
Harry Potter - I reckon this game will finally be shown off at the PS5 reveal. Harry Potter is a huge franchise so Sony having this franchise at their PS5 reveal will get them mainstream media attention. The game also looked quite ready with the leaked video.
Far Cry 6 - I was originally going to say Watchdogs 2 but that game has already been shown numerous times. It would be more exciting for Sony to show off a new game from Ubisoft and Far Cry 6 is already rumoured to be in the works. As Microsoft has marketing rights to Assassin's Creed I think Sony will take the marketing rights for Far Cry 6.
Capcom New IP - I was going to say Resident Evil 8 but if Silent Hill will be shown in this event I think Capcom will show something else here.
Square Enix New IP or Final Fantasy 16 - Square Enix has always been a pioneer of the latest tech and I think they will be showcasing something here and would want to get involved.
Finally I also think Sony will briefly show some features of the UI including showcasing of the fast loading of a game, new social features, voice navigation and commands, starting a multiplayer game instantly or starting a specific mode in a game instantly. Showing some sort of game information without needing to launch a game (e.g showing rankings, stats, etc).
I think all of the above could easily be shown in a 1 hour and half stream.