I recently upgraded both my systems to next gen.

Got a 4K TV and Went with a PS5 as I generally prefer PS exclusive games and wanted excellent frame rate for things like God Of War.

Also got the Xbox Series S too - which is cool because of its size and price tag. It displays at 1440 so not quite 4k like the PS5, but still great graphics and display and fast loading too. I’ll be using this for Starfield and Elder Scrolls 6 as well as the other mini games from Game Pass (I.e. Age Of Empire, Sea Of Thieves, Grounded)