It does look like from a gaming perspective heading towards the higher end PC gaming territory for the PS5 and Xbox 2.
4K (with 8K for pro/X version down the line), 60fps as standard, advanced Ray tracing graphics (looks like heading down a AMD/Ryzen route), quicker SSD.
It's all about where the gimmicks are. If Sony go with backwards compatibility, push VR gaming, 4K Blu-ray drive then I think they can afford to price higher.
I think Microsoft will go down an exclusive Steam/streaming route and dump disk based gaming. They have trialled a digital only Xbox one s. So can be more aggressive in terms of price.