Via a post on their official blog, Sony announced the PlayStation 5 (PS5), with a Holiday 2020 release date competing against Microsoft's XBOX Scarlet. This announcement most likely comes in an effort to head-off any more leaks about the next-gen console. There has been no word yet on price, or games that will be available upon its release. The PS5's controller will offer haptic feedback instead of the traditional rumble-packs, and will have adjustable-tension triggers.
The new console will use 100GB optical disks, alongside an optical drive which can read 4K blue-ray discs. The console's solid-state drive will still require game installations from disks, however players will have the option to customize installation to speed up the process. You could choose to install the whole game at once, or maybe single modes like multiplayer or campaign.
This image was from a dev-kit and has not been confirmed as the final design.
The PS5 will feature a CPU based on AMD's Ryzen line and a GPU based on AMD's Navi, according to a post by Wired. Sony has confirmed that the PS5's GPU will feature ray-tracing technology capable of rendering "complex lighting" and shadows like you've never seen before. Output wise, 8K visuals and 3D audio will both be supported by the PS5 (as confirmed by Sony).
During a demo by Wired, Sony executive Mark Cerny, compared fast travel times on the PS4 and a PS5 version of Insomniac's Spider-Man title. On PS4, completing a "fast-travel" in-game took 15 seconds of load time, however on the PS5, it took only 0.8 seconds.
The PS5 will support cross-platform play and will be backwards compatible with PS4 games.