Those of you who don't believe it can have the power it seemingly claims to are blinded by what consoles used to be constrained by.
The Jaguar CPU was always a bottleneck back when the PS4 was first revealed. It is also worth noting that when Sony upped the RAM in PS4, people believed that was "impossible", especially for $399.
These new systems are powered by a massively more powerful multi-core CPU and a GPU, exclusively designed for Sony, in development for over 4 years. We have no idea what deals they got in this. RAM prices can drop and what might cost us $200 may cost them 50% or less of that, we don't know.
Technology has radically advanced. If a reputable, top-class developers employee specifies via Twitter that it has hardware ray tracing, then it most likely does.
Could it hit 14 Tflops of power? Maybe--we know from a credible journalist both Sony and MS are aiming higher than Google's 10.7 Tflops. We need development kit leaks...and those will come very soon.
Sony is the undisputed king of the console world and they know it. They also make ludicrous amounts of money in PSN revenue from PS+, PS Now, PS Vue, etc. They could easily eat a $100 loss per console, maybe more(but no more than $200).
I don't mean to say that PC gaming won't be more powerful(it always is), but I wouldn't underestimate both Sony and MS taking a loss for this kind of power.
Some of it I don't care much for--8K? Jesus, I have a 4k TV and things look fantastic. 8K seems like it would be indiscernible to a human eye unless you had a gigantic screen and 8K TVs cost thousands, even tens of.
The biggest thing I want to see is if they decide to include full BC across the entire generation of PlayStation.
PS1/PS2 are easily done as each is 20+ years old by PS5 release, but PS3 is a tough beast with its unique CELL architecture. If they pull if off, its gonna be a hard console to pass up for many people.