I go back and forth all the time on which console I prefer. I currently own a Series X and PS5.

Some thoughts:

Xbox Pros:

• Gamepass (duh)
• Quick Resume (total game changer for single player games)
• Smart Delivery
• Better fleshed out ecosystem
• More customization options (you can upload your own wallpaper, avatar, custom controllers)
• Console physically looks better (subjective)
• They're about to acquire Activision/Blizzard

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Xbox Cons:

• 3rd party games seem to perform worse than the PS5 versions. This has happened consistently for the last 5 or so major releases. Most recently, Hogwarts Legacy. That game looks awesome on SX, but runs like complete ass with constant hitching and framerate drops. Game plays like a dream on PS5 and controls better
• Severe lack of first party exclusives (probably changing soon I suppose/hope)
• UI is laggy compared to PS5's. Yes it's more robust to I guess it's understandable, but it's still noticeable and can be annoying at times
• Completely ate shit the entirety of the last generation so there's A LOT of catching up to do
• Xbox app is laggy af. Capture thumbnails take like 45 seconds to load.

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PS5 Pros:

• Exclusives that are unplayable elsewhere (Bloodborne, GT7, Spider-Man, Last of Us, Returnal, Ratchet and Clank, God of War, Final Fantasy XVI etc. etc.)
• 3rd party titles simply run better. Occasionally higher resolutions in Xbox games usually just means a less steady framerate in those versions. The trade off isn't worth it. (I say this as a self-proclaimed graphics whore)
• HDR implementation seems to be sharper on PS5. This is noticeable in Hogwarts, Resident Evil 4.
• The Dualsense is the first controller in over a decade I prefer to the Xbox controller. Trigger pull is smoother, controller is smother in the hands, thumbstick travel is smoother and in my opinion more precise
• PSVR2 (not for everyone, I skipped PSVR1, but recently got a PSVR2 and was honestly blown away. This truly feels "next-gen". Don't knock it til' you try it)
• Larger marketshare = better optimization in games, and usually you get exclusive content for those games in the PS5 versions (again, Hogwarts Legacy comes to mind)
• They own Bungie
• UI is WAY snappier and easier to navigate quickly
• Customizable body panels
• Did I mention the Dualsense?

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PS5 Cons:

• Heavy reliance as of late on 3rd person action adventure "walking simulators"
• God of War had too many cutscenes and wanted to be a movie too much
• Discord integration is shit compared to Xbox
• Lack of UI customization
• Sony as a company is a lot more insular compared to Microsoft. They play things very close to the chest, and sometimes it feels like they're very patronizing and even condescending towards their user-base (especially as of late)
• Lack of good exclusive multiplayer games (Bungie where ya at?)
• More expensive to own. Atomic Heart and Wo Long were day 1 free downloads on Gamepass but were full price on PSN. I find there to be more nickel and diming on the Playstation platform
• Inexplicable lack of hardware customization despite the fact you can change the entire damn body of the PS5. They offer like 4 different flat colors and that's it. Sony can make a killing here but seemingly want 3rd party to pick up the slack. Same goes for the Dualsense.

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These are the ones that immediately come to mind. Overall, while I do love the Series X, I find performance of 3rd party titles along with the Dualsense and now VR have me still picking up most games on PS5 over the Xbox.

You honestly can't go wrong with either one at this point in time.