Game Pass is a pro AND a con, because as an example I bought the new Dead Space, only for it to be on Game Pass 5 or 6 months later.
GP is akin to Netflix, HBO, Disney or other streaming services.
Some people only watch 1 show but pay for the full service.
Other people tap into everything but not finish anything.
Third people binge watch everything.
This pretty much sums up the clientele of the GP. I do not use streaming services just because i don't watch TV so money wasted.
GP has clear picture: you either pay for it and enjoy all or some as in examples above. Or there are many people who don't pay GP and but straight what they want on sales: without caring if it will make it to GP.
Also GP saves are not transferable, so if you made big progress and the game is pulled, you have to buy a game and start over.
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PS 5 vs Xbox is quite easy choice.
Xbox - the best value for beginners. Beginners have not played anything in the last decade or more and will be happy to tap into endless GP. Also ton of 3 party like RDR1, RDR2, GTA4, GTA5 or *insert name of the game which is available on PC/PS/XBox
Price: Hogwarts was $20 and many sales like this on xbox due to promos on various websites.
Also console itself was $150 cheaper to boot with.
Controller: some heavily prefer xbox joy feel.
Saves: free cloud save
Network: if your friends on Xbox then you are tied to xbox if you want to play together.
PS5 - you either played them all (above 3rd party games) and seeking for new or you have limited time and interested in Sony 1st party games.
Controller: technologically light years ahead of xbox but ergonomically is not one's cup of tea. If you are ok with it then great.
Price: no sales prices aside BF 1 day deals, and games are full price. If games are discounted then it will be priced on par with Xbox US prices - Xbox games are priced the same, and only offer huge discount due to games bought in other countries.
Game saves: pay for cloud saving or do manually via usb stick.
Network: if your friends on PS then you are tied to PS if you want to play together.
In conclusion, if money is totally no object, then PS5 all the way - you can just buy your way out of all the GP and sale items box has to offer. But if money is limited, then I saw people with 400-700 games libraries(backlogs) on xbox far more frequently than the same speed of acquisition on PS.
Performance can be excluded cause it is a long topic. For example RDR1 got 60fps update for PS5, but RDR2 is worse on PS5. Xbox RDR1 is capped at 30FPS, while RDR2 is better on Xbox.
It is just easier to say that performance is equal cause there are games that work better on one or the other - eventually they will be patched to run more or less the same.