I know what you're saying. But you're forgetting the key piece of why the 360lost the generation; the kinect and not closing out the generation sooner. If Kinect would have been a new console, sony would have never caught up and Microsoft would have slaughtered them.I mean you're kinda proving my point. Even when Microsoft had a head start, and was cheaper than the PS3 they STILL couldn't beat Sony.
To be clear, PS5 probably won't have the best launch titles ever made but it's the promise of what's in store (plus actual footage of them) that has people hooked. In comparison you have Fable just getting a pointless CG trailer. This is the problem. Like I said, Halo isn't really even the issue. Halo is a good example of the issue but not the issue itself.
Halo is the litmus paper of the issue. So yes I agree with your second paragraph