With regards to RAM I would be surprised if neither companies(and especially MSFT) didn't go with HBM since they have serious cloud gaming ambitions. You simply get higher memory bandwidth and lower energy consumption than going with whatever GDDR RAM becomes available during that time. So you want to do this for your servers.
I've been tracking timing of HBM version introductions into the market and as a memory technology it's seen a lot of gains in a relatively short amount of time. Much more than GDDR-based memories have, for sure. With rumors that the next HBM (HBM3) will be an architectural redesign (I hope it takes some aspects from the FGDRAM ideas because that would make it quite better in virtually every aspect), I see a similar rate of progress continuing over the next few years.
By the time of 10th-gen systems (assuming they stay on track for a 2026/2027 release...though there's a chance they could come later than that), HBM4 or HBM4E-style variants pushing 6+ Gbps should be the norm, and I expect it to allow 4 GB module capacities by then with 16-Hi stacks being a new upper limit. That's a pretty easy path to 32 GB capacities and any mixture of bandwidth between 800 GB/s to nearly 2 TB/s. The only thing that could limit this would be, of course, pricing. HBM prices have to stay affordable for future designs for mass-market devices or else Sony & Microsoft could bite the bullet and jack up the MSRP for their systems.
The other thing again is ARM provides much better performance per watt than x86. Again a major advantage if you are running cloud computing operations. I would be surprised if both companies aren't looking at what Apple is doing with their processors and reconsidering x86 CPUs. MSFT already has translation software from x86 to ARM. I bet you they have Xbox software running on ARM processors. Hell I would be surprised if Sony doesn't as well since they're the kings of console gaming.
Personally it's either between ARM and RISC-V as the future; I prefer RISC-V because it's an open platform, but it's not as mature as ARM (and lacks its financial backing). Many companies are taking baby steps in making RISC-V designs though so that is a good path forward. In either case, getting x86 compatibility on ARM or RISC-V designs will always have the two issues of reduced performance (by how much will definitely improve as time goes on, though it will mean potentially more initial processor overhead) and the x86 legal license itself. Only Intel and AMD are legally able to emulate x86 microcode, AFAIK.
Out of the two companies, while Sony definitely enjoys more marketshare in the console space, I think Microsoft are quite further ahead in terms of designing ARM processors in the R&D phase. They have more reasons as to where it'd be an initiative. If Sony still had their VAIO line around I could picture them being more invested in ARM-based design prototyping and serious R&D, but I think they'll wait until AMD gets there before planning deeper on that front.
If MSFT went with an upgradable console, they might as well just shut down the Xbox hardware division. If there's anything, they should continue with what they did with the Series X in particular. A highly custom well thought out computing device for gaming. Everything from the processors all the way up to the OS and cloud computing services has been functionally better than their competition this time. They should and most likely will maintain this.
Ah this one's my mistake for not phrasing it eloquently; I agree that they will continue forward with Series X, if it sounded like I was saying they'd just "make a PC" that was bad wording. Microsoft is in a really good position, though, to synergize the console and PC designs in a way no one else really can, and 10th-gen would be a great chance to do it. We're still talking strongly custom GPU, CPU etc. designs, memory I/O features etc. The difference in this case though being they can open up aspects of the design for (tightly controlled) upgradability through official, specific hardware components.
The comparison that might work better here, ironically, is their Elite controllers; you can customize though but the parts still need to be officiated and you can't just throw any random brand of buttons or sticks in there and expect the same quality. So them continuing what they've done with Series X, they can keep that highly custom focus while having a planned path for component upgrades that stay within the capabilities of the managing chipset, designed in tandem with AMD and for other things, with Micron, Seagate etc. A fusion of proven and new technologies in one package that allows for user-level scalability depending on desired use-cases.
This...kind of goes into another aspect of 10th-gen I think Microsoft will try pursuing though; since the Series X already serves a dual-purpose for both gaming and Azure, their next system will continue that but likely also feature a design that can serve console gaming and more general PC work/gaming etc. So two SKUs where the base hardware is the same, but some of the expandability is cut back on one vs. the other, two selling models (the console selling at a loss, the other version selling at a profit), two variant OSes (Xbox OS on one, Windows on the other), same base levels of performance etc. I think there's quite a few ways they can make this work but I'll try talking about it a bit more when I can put up some more ideas on what I think 10th-gen systems might try doing.
Basically the hardware for the next gen machines is going to be pretty powerful but pretty predictable. minimum 8x GPU performance in traditional GPU tasks. Accelerators for ML and Ray Tracing, some form of high bandwidth memory to support these new processors(So HBM memory), minimum doubling of RAM, and at least a 16 core CPU. The only question is if there will be disc models from MSFT.
8x general GPU perf. increase might still be asking a tad much IMO, but that's where accelerators come into the picture, to offload on those kind of things. There's also potentially a chance they still stick with 8C CPUs; whether they increase the thread count though would be interesting. All the other stuff though is definitely in the pipes because, as you say, it's a bare minimum.
2024 is when TSMC is talking about production of 2nm.
Those are the plans, but will they be able to hit them? I think if Sony and Microsoft are okay with pushing 250 watt systems 10th-gen, they can actually get pretty sizable performance increases on N3P, and the node itself would be cheaper than 2nm while being a more mature process.
If they want to push 200 watt or sub-200 watt 10th-gen systems, though, then they'll probably need 2nm, and 2nm will have to offer at least 25% power consumption reduction benefits over N3P...it might also mean slightly later 10th-gen launches (2028 maybe? I've seen some people also mentioning COVID could cause this and that's a factor for sure).
Also funnily enough I think PS6 is in some ways the harder of the two to guess xD; for me it has more to do with chip size than anything. Also I think they are going to want to push even further on VR for 10th-gen and try making it standard; that will necessitate more specialized hardware and lower general GPU performance but still good enough for high-fidelity VR (if they were to include a VR helmet though it'd definitely be the lower/entry-level type with the bare necessities and little else).