The PS5 is on its way! Now that Sony's upcoming console is officially called the PS5 (remember when the PS4 almost got called Orbis for some horrible reason), speculation is running wild on just how great this next generation console is going to be.

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The PS4 was a huge leap from the PS3, one that likely won't be matched going into the PS5. We've added a few more entries to our existing list of reasons to be hopeful about this new console, as well as skeptical. Let's take a look.

Updated on July 29th, 2020 by Derek Draven: As mentioned in our updated intro, we've added a few more reasons to be both hopeful and skeptical about the imminent release of the PlayStation 5. It remains to be seen how the system will measure up this holiday season, but take note, nonetheless!

15 Hopeful: The Power

gravity_rush_2_ps4_underrated

The power of the PS5 is obviously one of the best new features for the system, it is going to be absolutely maxed out.

With games like Red Dead Redemption 2 running on a system that came out almost seven years ago, it is incredibly exciting to think about what could come on a brand new system. Maybe it could finally handle a powerhouse like Untitled Goose Game. Nevermind. We could only dream of such things.

14 Skeptical: Ray Tracing

A lot of marketing about the concept of "ray tracing" has been floating around for the next generation. That is a huge claim to make, as that technique is still something that is incredibly hard to do, even on PCs.

Whether or not the PS5 will actually be able to do this is somewhat of a mystery right now. If ray tracing is something that can be done on the PS5, it is likely something that will be explored late in the life cycle of the system.

13 Hopeful: Developer Comments

Developers themselves are clearly excited about the next generation. While the graphical upgrades might not seem as powerful as other console leaps, the fact is that developers simply won't have to deal with any sort of boundaries in the next generation.

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They can stretch themselves further, let their imaginations run wild. The fewer boundaries that developers have to worry about, the better games that we are going to get. However, games cost money.

12 Skeptical: Pricing

Money is hard to obtain. $500 or more is VERY hard to obtain, and that's very likely what it will cost to get your hands on one of these. Horrible, right? It doesn't seem smart for the company to go over that price point, we know what happened last time they launched a console at $600.

The price point is definitely going to be in the $400-500 range, so start saving up now.

11 Hopeful: Great Games

Games are also things that cost money, albeit at a lesser price point. At this point in 2019, the PS4 library is simply stacked with games to play. We can only dream that the PS5 library will be as good as this generation's.

Still, with the fantastic power that this system is going to provide, we likely don't have to worry about a lack of games on the system. Launch games, on the other hand...

10 Skeptical: Launch Lineup

Knack PS4 game
Knack PS4 game

Knack. Knack is the game that Sony thought would do for a launch title last generation. Do not trust Sony. Launch games are always a bit of a rough spot for new game systems. We don't really know how the launch titles for the PS5 are going to be.

There could be a few great surprises, they could be PS4 rehashes, they could be Knack 2. We really don't know. Will Sony be the dumpster fire that it was at the PS4 launch? Probably. But hey, we can at least hope for something better. Horizon One Dawn and Spiderman 2 are surely in development, so let's get those moving, please.

9 Hopeful: Healthy Competition

Sony really doesn't have the chance to sit around and make Knacks though. They've got some heavy competition from the Switch, and the ever-present threat of PC games. Sure, the Switch is operating in a completely different direction from Sony, but nevertheless, most people aren't going to be buying both consoles.

If Sony wants to make a mark with the next generation, they need to be at the absolute top of their game. They can't slack and give us a mediocre launch lineup. This certainly bodes well for us consumers, so it's a chance to be hopeful.

8 Skeptical: Cross Gen Games

Via Polygon

Then again, the PS4's final year is a packed one, with The Last of Us Part 2 being one of the most anticipated games of all time.

It's a big possibility that Sony could use this killer year to pad out the PS5's launch, with upgraded versions of games like The Last of Us Part 2, Death Stranding, and Whatever Call of Duty game that they're modeling for 2020 being a way to make the PS5 more appealing to the general audience. While these are fine, totally new games are essential to move PS5 units.

7 Hopeful: Backward Compatibility

Backward compatibility with the PS4 is one of the PS5's confirmed features, which is fantastic to hear. This generation's library was a great one, filled to the brim with 10/10 titles. Being able to bring those games with us onto the PS5 is quite the exciting prospect.

Considering how much money that we've all collectively poured into our systems for the past few years through both game purchases and fun little colors that we give EA $8.99 for, being able to retain those purchases will make the jump to PS5 a much smoother one.

6 Skeptical: Backward Compatibility

Then again, just how backward compatible are we talking with the PS5? Are we going to have the ability to play our old PS2 games? PS3? While the answer is most likely a no, the prospect of being to delve even further into our back catalog to play our old games is a great one.

Still, the likelihood of this is pretty low. The PS2 is too old to be a selling point for gamers, while the PS3 is notoriously hard to emulate due to what a disaster that game was. Still, we can dream, right?

5 Hopeful: The SSD

Sony has been ranting and raving about its revolutionary new SSD drive for a while now, and they may have reason to gloat. Apparently this new SSD isn't even available to the PC sector yet, which is a relative first for the industry.

A super-fast SSD means practically no loading times, and vastly reduced installation periods. This is great news all around, and a welcome addition to the next generation of consoles.

4 Skeptical: Exclusives

The shocking announcement that Horizon Zero Dawn would be touching down on PC in a definitive, fully enhanced version of the original sent shockwaves throughout the PlayStation gaming community. After all, exclusives have been the bread and butter of PlayStation consoles since day one.

While it's hyperbole to think that Sony would begin greenlighting all of their killer franchises for simultaneous release on PC, it does beg the question as to how far they're willing to go to increase sales. The PC market rivals that of the entire console market, which means a lot of hungry gamers eager to see Infamous, Killzone and Spider-Man (to name a few) drop on PC.

3 Hopeful: 4K UHD Blu-Ray

Yellow 4K and the Blu Ray logo

While gamers have thrown a lot of shade at Sony over the announcement of a digital-only version of the PS5, the main console has a lot to offer, including a beefy 4K UHD Blu-Ray drive.

4K TV owners rejoice! A separate Blu-Ray drive purchase is no longer required to experience the pinnacle of high definition movies and shows on your television. Sony continues the trend of putting Blu-Ray drives in its PlayStation consoles, making it a 2-for-1 bargain by adding another incentive to buy.

2 Skeptical: High-Framerate Gaming

Running games at 4K was challenging even in 2019, which makes the concept of high-framerate 4K gaming something of a head-scratcher. While the internal guts of the PS5 are nothing to scoff at, it does remain to be seen what sacrifices developers will have to make in order to push games past the 60fps mark.

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One of two scenarios will inevitably play out. Either gamers will have access to graphical settings which sacrifice visual clarity in exchange for extra frames, or developers themselves will implement multiple presets to run the game in a variety of different frame rates, similar to how PC games operate. Time will tell.

1 Hopeful: DualSense Functionality

The PS4's controller was pretty to look at, but it wasn't quite the revolutionary leap forward that gamers were expecting. Touchpad implementation failed to make significant waves with gamers or developers, and battery life was a constant problem.

Sony's complete re-work of the PS5 DualSense controller suggests the company has a definitive goal in mind for drawing the most out of what the device has to offer. Gamers should be cautiously optimistic as to what DualSense will bring to their games. If Sony does deliver, it could end up being the controller to beat in the 2021 console wars.

NEXT: 10 PlayStation Games That Could Have Turned Out Completely Different