Watching the PS4 reveal again, I'm actually happy that they announced the PS5 reveal to be "only" a bit over 1h.
There is a lot of fluff in the beginning of the PS4 reveal, also Knack. The highlights were clearly the first party studio output. The third party stuff started decent but got kinda boring towards the end. Some render trailers, some PR talk and gameplay that never looked as good in the final product.
So a bit over 1h of very focused content sound great.
1. Start with some emotional fluff, like a 2 min trailer that pulls on your heartstrings and shows you why gaming is somewhat an awesome hobby.
2. Some talk the history of the PS4, what they learned, how they are going to improve the hardware and "empower" "gamers"
3. Maybe show of the hardware and talk about the design goals (eliminating bottlenecks, faster game development, higher immersion)
4. Probably some of the future services, like where they wanne go with playstation now and maybe some new stuff. Also the social features of the console (create button)
5. GAMES. Mostly first party games. Probably gonna have the devs come out to talk about it more. So they wont just hammer out trailer after trailer like in some E3's but take a little bit more time per game and explain why this is only happening on playstation 5.
6. Maybe a bit about indy support and 3rd party relations, especially if they have some exclusive deals.
7. General round up and closing trailer with the games that were being shown.
Thats what I would expect atm.