It really isn't overblown at all because we have a pretty damn good idea of what the architecture can do, and RDNA 2 is even better on top of the advancements we know were already made for RDNA. Nobody downplays how good the SSD will be for games, but the SSD isn't responsible for processing and rendering your graphics workloads, a pretty important job. The SSD plays an important role that cannot be downplayed. It's important, the work it does is essential. Full stop, but the GPU, CPU, Memory bandwidth aren't inconsequential at all. They're a pretty damn big deal.
That said, I see everybody just blowing right past the importance of a clearly faster CPU (that doesn't throttle in either 8 core mode or SMT mode). That's the big fat elephant in the room. The clearly faster Zen 2 CPU that has its clockspeeds locked. If the CPU was the biggest bottleneck all of last gen, bigger even than the hard drives, why suddenly is the CPU being overlooked now that the one we've been waiting for has arrived?
If we slot in either the SSDs available this upcoming gen along with their impressive I/O setups, or the Zen 2 CPUs, you can only pick one or the other, it is the Zen 2 CPUs, not the SSDs and the I/O setup, that make the biggest difference by far for the current PS4 and Xbox One gen of consoles, especially PS4 Pro and Xbox One X.
And people may treat the PS5 GPU like it's truly a 10.2TF GPU, but we know in all actuality it isn't. It's an advertised boost clock. We don't know the low end or where it will be when the game is pushing the system hard. Sony didn't tell us that for a reason, the reasons are purely PR.
Pairing a 12TF RDNA 2 GPU with a Zen 2 CPU as fast as what the Series X runs it at where none of them throttle ever with more memory bandwidth to play with.. plus a pretty impressive SSD I/O setup of their own that we've seen capable of quickly swapping between 5-6 different games (where none take advantage of the system's new capabilities) with 5-8 seconds in between each switch is nothing to play with on an overall system performance level.
Series X also has Gears 5 running with features beyond PC Ultra quality on 2 weeks of work, 4K, already runs at over 100FPS on Series X. That beats even the RTX 2080 Ti. And this is before the console's newer, more advanced features are even taken into account. Digital Foundry saw performance benchmarks that equal an RTX 2080 before the GPU's best features enter the fray. This level of performance is not overblown, it's looking like a real monster of a setup.
Series X isn't just a teraflop number anymore. We have actual real video demonstrations and game benchmarks now.