If you haven't already taken the new generation leap, there are likely two reasons why; you're still rocking the PS4 just fine or you're undecided between Sony and Microsoft's entries. If you find yourself in the former camp, and you have the cash to splash, it's well worth investing in the next generation. Obviously the PS5 is a massive step up from the PS4 Pro, with a huge graphical leap, a faster processor, improved cooling (and audio levels), and extra RAM to boot. Of course, you'll need a solid 4K TV to get the most out of your console, as well as a hunger for new generation exclusives.
The decision to buy a PS5 becomes a little more complex when you're torn between the Sony console and Xbox Series X. The size of the PS5 might be prohibitive if you don't have a lot of space to work with, but it's going to be those sweet exclusives that bring you over to Sony's side. With PS Plus now offering a Game Pass-competing library of titles to play as and when you like, and a similar level of power between the two devices you're going to have to decide whether you prefer Final Fantasy to Halo.