What just happened? It seems like it took forever but Sony finally revealed pricing and the release date for the PlayStation 5. The standard console will go for $499, and the Digital Edition will cost $399. Both consoles launch on November 12 in the US, Japan, Canada, Mexico, Australia, New Zealand, and South Korea. Prospective buyers in the UK and the rest of the world will have to wait an extra week until November 19.

Unsurprisingly, Sony has opted to price its console to match the Xbox Series X. The PlayStation 5 Digital Edition is $100 more than Microsoft's entry-level Xbox Series S. However as far as we know, Sony's base PS5 model is identical to the standard minus the optical drive. The same cannot be said for the Series S, which has weaker specs than the Series X.

Microsoft is getting a slight head start on sales with its November 10 release date, but Sony has put itself in a comfortable competitive position, in both timing and price.

To add to the value, Sony also had a surprise announcement for PlayStation Plus users. Not only will the PS5 be backward compatible, but Plus subscribers will get immediate access to a backlog of PlayStation 4 titles free of charge.

The new perk, called the PlayStation Plus Collection, appears to only apply to PS5 owners. It features several AAA PS4 titles, including God of War, Bloodborne, The Last of Us Remastered, Final Fantasy XV, Fallout 4, Mortal Kombat X, Uncharted 4, Resident Evil Biohazard, Days Gone, Until Dawn, Detroit Become Human, and more.

Sony didn't say more about it, but it does appear to be something that it might roll games into and out of as time goes by. It's a nice perk and a clever marketing ploy that Sony hopes will give it an edge in driving next-gen console sales.