Sony has outdone MS yet again with PS5. They knew that SSDs is the most revolutionary generational step and they simply designed a marvelous APU that is praised by everyone. GPU differences is the smallest we have ever seen in any console generation and that's a FACT.
PS5 has tons of co-processors that offload tasks from CPU/GPU, XSX might have some of that but not to same degree otherwise Microsoft will be shouting that from top of their roofs.
PS5 has the way better audio chip ( to do the same in XsX you will have to take resources from CPU/GPU. You might not be able to replicate Tempest Engine if at all)
PS5 has way more capable I/O solution and more than double the bandwidth ( largest difference between the two systems)
Lets ignore Xbox strange RAM setup and simply say that XsX has faster Ram than PS5, don't forget that XsX GPU needs to feed 52CUs with data while PS5 Ram can be more than sufficient for 36CUs.
Only area where Xbox has clear advantage to me is Raytracing due to having 16 more CUs than PS5. We still needs to examine RT performance with high clocks, PS5 might surprise in this area.
So in Summary:
CPU: XSX >= PS5 (Different is so small not even worth mentioning)
GPU: XSX > PS5 (18% smallest difference ever)
I/O : PS5 >>> XSX (all I/O tasks is offloaded on PS5, universally praised system)
Ram: XsX>=PS5 ( this one is tricky because XSX weird ram setup and requirement to feed more CUs on XSX)
Audio: PS5>>>XSX (TE has never been done before, superior audio to ALL users)
SSD: PS5>>>>XSX ( more than double the BW coupled with crazy good I/O)
RT: XSX >>? PS5 ( 16 more CUs means more IE but we still don't know high clock effects in RT)
Lets not forget the most important thing for any gaming device:
The controller: PS5 >>> XSX
Looking at the overall package, its clear that PS5 is easily the more thought out and superior system. I expect $499 for both but Microsoft should be hard pressed to price match Sony otherwise their system would look less appealing giving the technical specs.