The new consoles are going to be reasonably powerful, with a gpu around the 2070 spec if the rumours are to be believed, also with some new SSD drive tech reducing loading times, also hardware Ray Tracing is confirmed along with a 4K Bluray player with 100gb discs.
I expect the price to be £400-£450.
I've been following a thread on
Resetera for a while now about the new consoles, I recommend it for people interested in specs.
https://www.wired.com/story/exclusive-playstation-5/