Modular Design
This is a bit of a weird one, but I think it’s a feature that could work with the PlayStation 5. The current console cycle theme seems to be that every couple of years an “upgraded” console comes out. What makes these consoles so good is that their guts and gears are a bit more powerful, allowing for higher frame rates and faster load times.
Instead of offering a brand-new console, an interesting feature would be a modular design. Sony could sell new graphics cards (or whatever part) for your PlayStation, and all you’d need to do is pull out the old one and plug in the new one. This could be made as simple as it is to upgrade your PS4’s harddrive. If you haven’t upgraded your PS4 to an SSD harddrive, absolutely do that – it’s an awesome PS4 “hack” that will make your life better.
Opening up a PlayStation and plugging in new tech isn’t for everyone, but for those who would prefer it over buying another console, it would be a great feature, and potentially cheaper for Sony. Console manufacturers make zero profit on consoles – it’s all in the games.