PlayStation 5 launches November 12 for $399. Here's everything we know.

Update (September 15, 5:11PM ET): Apparently pre-orders are going up tomorrow!

After a months-long staring contest with Microsoft, Sony finally announced that the PlayStation 5 will officially go on sale November 12 in the US and other select territories for a starting price of $399. That's less than the Xbox Series X, which costs $499, but more than the Series S. That said, the PS5 boasts so many exclusive games its competition doesn't — and one innovative controller — that it's sure to hold its own during launch.

As the successor to the PS4, the PS5 is not a radical shift in strategy from the Japanese gaming juggernaut. But the leap to next-gen comes with so many technical enhancements, it might not need to be.

Rachet and Clank — The PS5 will feature 10.28 teraflops of computing power, 4K gaming at 60fps, 4K UHD media playback, hardware accelerated ray-tracing, 16GB GDDR6 RAM, a 825GB custom SSD with an accompanying slot for adding additional internal storage, support for USB HDDs, Tempest 3D audio, and onboard PSVR support.

Each unit also comes with Sony's new DualSense controller, which features a built-in microphone, touchpad, haptic feedback, and adaptive triggers. The new triggers promise to bring a new level of immersion to games, becoming more pressurized depending on the in-game task at hand. Think along the lines of feeling a bow snap as you shoot an arrow. Trippy stuff.

Twisted Metal — The PS5 comes in two units, one featuring a Blu-Ray drive and an All-Digital Edition that does not support optical media. The addition of the disc drive will run you an extra $100 over the base price of the console (as well as an unsightly tumor-looking hump at the base of the unit) but may be necessary for game collectors or those who do not have unlimited high-speed internet in their home. While digital is clearly the future of gaming, Sony itself has joked about how wonderful owning actual discs can be — so we'll be sticking with optical media for now.

The PS5 features more limited backwards compatibility than the Xbox Series X and will only be compatible with some PS4 titles. While we expect Sony to expand that catalog over time — and supplement it with PlayStation Now streaming — meaning if you have a library of PS4 games you enjoy, you probably don't wanna trade in your last-gen system just yet. Unfortunately for many people, this will mean they won't get a discount on the PS5 like they would from swapping their last-gen Xbox One for a next-gen Series X or Series S. Like we said, expensive.

All-Stars — Exclusive games are where Sony has always outshined Microsoft and will be the best reason to pick up a PS5. The announced titles for the system include a murderer's row of console exclusives like Marvel's Spider-Man: Miles Morales, Deathloop, Demon's Souls, Destruction AllStars, Rachet and Clank: Rift Apart, Ghostwire: Tokyo, Gran Turismo 7, and Horizon: Forbidden West.

Live in your world, play in ours — By the end of every console generation, Sony has outsold its competition (excluding the Wii, but does that count?). PlayStation 5 does not look like it will be breaking that streak and should be a fantastic sequel in the company's long line of successful systems. The question is: Do you need to jump into the next-gen just yet? And, if so, can you afford to right now? You'll have to look around your living room, at your wallet, and into your soul to decide that for yourself.