The new consoles will obliterate current generation PC gaming. Here's why.
Consoles always offered APIs that are "close to the metal". You have direct memory and hardware access, you can control how everything is done from start to finish. That's why console ports always have higher hardware requirements on PC than the hardware the consoles have. Even with Vulkan and DX12 the PC will never get the same level of optimization due to several factors. You can optimize only to an extent due to the number of graphic cards available. For example, if you push a Radeon 570 to its limit, all your work might have no effect on any GeForce or other Radeons with a different arch revision. So what do you do? You optimize as much as you feel is necessary for all architectures.
Additionally, the code for console has to be verified by Microsoft and Sony before it is allowed to be published. On PC, the programmers code however they want and just release it and then GPU manufacturers fix their errors with drivers, which often replace the developers' shader code on the fly with the manufacturer's own. There was an article a few years ago by someone who worked with a driver team at either Nvidia or AMD and he said the way developers code their games is so messy and full of simple errors, we will always see "game ready" drivers which will attempt to fix all this. Ever wondered why GPU drivers have such huge installers? That's because they contain code for hundreds, maybe thousand games.
If that ain't enough, programmers are not used to coding for the PC with the same mindset they have with consoles. For some reason, they failed to embrace Vulkan and DirectX12, even with all their similarities with the console APIs. We often get DX12 renderers which offer worse performance than DX11. Somehow it's better for them to re-do the renderer with DX11 for PC instead of modifying the Xbox's DX12 one.
The hardware used in the new consoles will be well ahead of what we have available on PC today. So the PS5 is confirmed to have RT capability - do you actually think the RT cores will offer the same performance a mid-end GPU for PC does today? The thing releases next year, it will likely have hardware similar to yet unreleased PC GPUs. It will have a performance level of a next generation RTX card. With all the above in mind, with close to the metal APIs and stuff, the games that will use ray tracing will be coded with ray tracing in mind - maybe not the very first releases, but they will come within months. Today, we've got a "normal" game engine with ray tracing added as an aftertought. We could compare it to, for example, Telejano engine port for Quake. It used all the things we've had in Doom 3, but added to an engine that never supported it. It looked pretty, but its performance was shit. Now if you create your code and assets with RT in mind right from the start, it will be a different story than it is today, with games like Control struggling to perform well. Until that happens, though, we will see RTX 3000 graphic cards out there and even AMD will release a Radeon with specific RT capabilities.
The current gen consoles use a Jaguar CPU by AMD. It's a processor similar to Intel's Atom - low performance, low power. Pretty much the only difference to "normal" PC models is it's an 8 core. Now imagine changing your Atom based netbook to a modern Ryzen based laptop. It will rip your head off. Even if its clock won't be high, it will be a modified Zen 2 architecture which is so good, a 6 core desktop Ryzen 3600 performs better than an 8 core Ryzen 2700.