I want it to be $500 or less and for games to have 1080p60 options instead of trying to force 4k on everyone. There was no way to do 1080p60 on big games on PS4 since the cpu is dog , but a Zen 2 octacore should have no problems running games at 60 fps if they don't force 1800p to 4k (eg 2160p) rendering on the gpu. God I would take 1080p60 with good temporal AA over 4k30 any day.
I would love it if they recompiled PS3 games to run on PS5 too like Microsoft did for selected XBox 360 games to run on XBox One. Would be awesome to play Drakengard 3 and actually get 30 fps.
I'd also love to see a strong PS2 Classics section on PSN. To be able to run Persona 3 FES or Shin Megami Tensei Nocturne at higher resolution would be awesome. To make them look like they do when you run them on PCSX2 but without all the bugs PCSX2 introduces. Even better if they were crossbuy since I already bought them for the PS3.