I upgraded from a One X to a Series X recently and was quite disappointed. Same interface, same list of games, and outside of my two Series enhanced games, everything looks and plays identical to the One X. Getting a new console used to be exciting and different, and now it's just a slightly faster, much bigger, more of the same. The two enhanced games still don't look or play nearly as well as their PC versions on a 2070 Super. Early reviews had mentioned auto-HDR and improvements to the backwards compatibility, but un-enhanced Xbox One games still look worse than PS3 games upscaled on PC. 360 games look the same as a real 360, with no noticeable enhancements. I suppose they didn't want to eat into the remake potential. Dev mode is nice, but I have my PC connected to the same screen anyways. I guess I was hoping for a PC style upgrade where getting a new gfx card makes everything look better from this year's AAA titles, to 20 year old PC games, to extra filters on SNES emulators.
One thing that did impress me is that all I had to do to make it work was move my external HDD and sign in to Live. All of my games and saves were just there. I can see the vision for game pass and cloud gaming now. Turn it on and it just works. Swap out your box and now it looks a little nicer.
Still trying to get a PS5, but I'm not going to pay above MSRP, including bundles unless they come with something useful like a game I actually want or a controller. Unlike the XSX there are exclusives, but there is plenty of Ratchet and Clank to play on RPCS3 in the meantime. Already have the controller. I got it on sale and it's quite nice on PC, but not worth the retail price tag.
I'd say only look at this new console generation if you don't want to deal with a PC. Graphics cards are coming back and you can get a 3070 from a real store now for less than a scalped PS5.