I said on a couple of the other forums, Sony would have done well to offer both a first and third party solution.
I understand a lot of people have an aversion to proprietary solutions due to overpricing and arbitrary proprietary interfaces in the past (Vita, I'm looking at you) but at least it would guarantee a solution on day one, and for those less technically versed it would keep it really simple: they can simply walk into a game store or go on the gaming section of a website and buy a "ps5 drive". At the risk of sounding patronising, never underestimate the ability for the average consumer to mess something up.
And for those of us who want a third party option we can use a certified drive (preferably they'll curate a list and have a PS5 certified logo on the packaging). Perhaps rather than having multiple bays or naked drives, they could provide a little enclosure with the PS5 that's effectively identical to the first party option. It could include some basic thermal dissipation and allow for a more durable plug & play means of connection.
Whichever way you look at it, MS' approach is simple, elegant and likely much more durable. It's great for Sony to allow a third party option, but having proprietary solution as a baseline removes a lot of variables that could put a spanner in the works.
Sony are going to need overhead, the ability to arbitrate parts of the pipeline, depending on whether or not they support different form factors they may either limit potential drives or have to engineer a solution to fit all. If a drive needs some means of cooling they may have to run airflow through the drive bay or have some adjustable means of making thermal contact with the chips. And as alluded to above, drives may not be available at launch or may be thin on the ground if they can't bring all this together in time and verify enough drives.
So yeah, to summarise I think the best solution would be a single cartridge interface, a first party cartridge with an appropriately specced drive in and with every console, provide a cartridge enclosure that takes any certified third party drive, preferably of various sizes.
Even as an out and out PlayStationer who has little interest in Xbox, this is one thing that always gets me with Sony. They rely a little too much on third parties for peripheral hardware/software functionality, I appreciate that they may want to maintain good third party relations and not step on their toes, but providing standards and quality to your customers is more important.
One prime example is controllers. The Official Elite controllers for Xbox are wonderful and Sony would do great to offer such a premium option. But they relegate such things to third parties; and frankly, the quality is just not there.