It's fair to say that Sony pulled it off quite thoroughly with the PlayStation 4. Whether or not the PS5 will follow a similar trajectory remains to be seen. Sony's first party is stronger than ever, plenty of major third party games have been announced as exclusives, the hardware is much more powerful and capable than the PS4's had been at launch, and even though the pricing isn't exactly cheap, it's not unreasonable either.
Early signs suggest that the PS5 has the makings of a great console- that might turn out to be completely untrue a few years down the line, or it might not. Either way, we're at least hoping that it gets off to a strong start less than a month from now.