Well, to sum up what I was posting here earlier and add a bit more to the discussion, here is my sort of a summary of what I expect:
- the massively increased processing power of the new consoles may mean that developers will focus on guaranteeing 60fps, at least in 1080p. Some games will probably be able to go for 4k and 60fps, but I think it will more likely be 30fps
- the processing power maybe won't eliminate, but greatly reduce frame pacing issues. A constant 30fps without frame pacing issues is surprisingly playable. I'm not saying it's good, but it's not an end of the world
- some console magicians will probably be able to squeeze pretty graphics at 4K and 60 Hz that PC players will envy, but mostly because it will be an exclusive
- some games will use ray tracing and look pretty, no doubt about it
- console users will piss themselves because the sudden switch from HDD to SSD will make their games install and startup/load much faster, something that's already a thing on the PC. The promises of "no loading screens" are bullshit, however, the large cache in the form of 24 GB of DDR4 memory might decrease all loadings a bit further than just an SSD would
- the architectural differences between the consoles and PC (low latency and fast 8 GB HBM is not a negligible thing) will cause a situation when many games will run slower on a similarly configured PC (let's say, a Ryzen 3700 and an RX5700), even if coded "right"
- additionally, the inability of programmers to properly code games for the PC (even though DX12 on the Xbox is not that different to DX12 on the PC, coders will still have a weird amnesia and make a DX11 renderer instead) will increase the gap between consoles and PC even further. Bad ports will become "badder", at least during the first months of the consoles' lives
So: the new consoles will be pretty cool and might give their users more constant framerates and better graphics. By how much, we shall see. Maybe the final effect will be such that there will be less differences between a PS5 and PC version of one game. PC users usually get more antialiasing options, higher draw distances, etc. That difference may disappear for a while, until PC gaming moves on beyond an 8 core Ryzen and RX5700-level GPUs.
Also, consoles are shit and will remain being shit