The downplaying by some is hilarious. To quote DF again
This is next-gen: see Unreal Engine 5 running on PlayStation 5
A genuine generational leap that must be seen to be believed.
Article by Richard Leadbetter
We've seen the specs, we've heard the pitches - but what we haven't experienced is any demonstration of a genuine next-gen vision. That changes today with Epic Games' reveal of Unreal Engine 5, accompanied by an astonishing tech demo confirmed as running in real-time on PlayStation 5 hardware. The promise is immense with the quality and density of the visuals on display almost defying belief. Imagine a game world where geometric detail is unlimited, with no pop-in and huge draw distances. Now picture this unprecedented level of fidelity backed up by real-time global illumination that's fully dynamic. It sounds too good to be true, but watch the video on this page and that's what's on display. This is next-gen and it's enormously exciting