It will have a relative RTX2070 super class perfromance in raw rasterized rendering , with optimized titles like Sony Exclusives
Native 2160p High Setting / 60Fps or 120fps on Pesudo 2160p ( as the current PS4 Pro Does ) - Checkerboarding , Dynamic 2160p , 1800p upscaled to 2160p.
Lot of Hype and fake percetions , actual perfromance will be like that.
Added , for 2160p 120hz a decent 55-65" 4K Real HDR HDMI 2.1 TV is needed ~ 2k USD.
It will have a 6 years Life Cycle for a 2080 and a CPU < i7 9700k level performance + a new tv investment for the 2160p 120fps feature (HDMI 2.1)
It would have been much better for the ps5 to have 352 bit bus interface ~ on GDDR6 rather than a 256 bit bus interface. This will give a real graphical computational power not a 5.5 Gb /sec SSD.
A Gen 3 PCI current NVME nets 3.5GB / sec vs 5.5 GB / sec nets a few seconds less in loading & textures streaming.
Nevertheless, if Sony continues its trend on solid exclusives. PS5 will seal the deal vs Xbox Series X.
One point I really dislliked about the Xbox Series X and it needs proprietary expansion card. It will only accept the Xbox Series X Storage Expansion Card. It’s being developed by Segate. The PS5, on the other hand, will have an expansion bay for an off-the-shelf M.2 NVMe SSD giving it more flexibility.