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Here's the full list of PS5 specs courtesy of Digital Foundry:

CPU: 8x Zen 2 Cores at 3.5GHz (variable frequency)

GPU: 10.28TFLOPs, 36 CUs at 2.23GHz (variable frequency)

GPU Architecture: Custom RDNA 2

Memory/Interface: 16GB GDDR6 / 256=bit

Memory Bandwidth: 448GB/s

Internal Storage: Custom 825GB SSD

IO Throughput: 5.5GB/s (Raw), Typical 8-9GB/s (compressed)

Expandable Storage: NVMe SSD Slot

External Storage: USB HDD Support

Optical Drive: 4K UHD Blu-Ray Drive

The PS5 runs on an AMD CPU chip based on the third generation of AMD's Ryzen line. It's an eight-core, custom-made, beast based on the company's new 7nm Zen 2 microarchitecture. The CPU is a custom variant of AMD Radeon's Navi family, and will support ray tracing - an effect that is a staple of Hollywood, and one that's beginning to appear in high-end PC processors and the Nvidia RTX gaming line. 

The PS5 harnesses the power of the last-generation Zen CPU architecture in conjunction with AMD's freshly revealed Navi graphics architecture. 

A big part of that GPU setup is support for 8K resolutions and ray tracing in PS5 games. The latter is a technology that greatly improves the visual fidelity in games, as it mimics the way light moves and bounces from object to object, particularly reflective surfaces, and refraction through water, other liquids, and glass. Given the proper optimizations, games can exhibit more realistic lighting and shadows as a result. PS5 architect Marc Cerny has said that say ray tracing isn't just about visuals, as it can yield audio enhancements for players and developers alike.

"If you wanted to run tests to see if the player can hear certain audio sources or if the enemies can hear the players’ footsteps, ray tracing is useful for that,” he says. “It's all the same thing as taking a ray through the environment.”

It turns out that Sony is also adding a custom unit for 3D audio in the PS5 too, taking the attention to audio and sound improvements to the next level for its upcoming console. "As a gamer," said Cerny, "it's been a little bit of a frustration that audio did not change too much between PlayStation 3 and PlayStation 4. With the next console, the dream is to show how dramatically different the audio experience can be when we apply significant amounts of hardware horsepower to it.”

For gamers though, one of the biggest new improvements for the PS5 specs is the huge decrease in loading times. 

Thanks to the fact the PS5 is switching from disc-based hard drives to SSDs, Sony also changed its approach to how we store games on the next-gen console. You can now configure exactly what parts of a game you want to store on your machine, "allowing [a] finer-grained access to the data". That means you're able to install just the multiplayer, or just the single-player, or delete one or the other once you're done with it