Sony also confirmed the PS5's "digital edition" - which does not have a disc drive - would cost about 40% more than the low-end Xbox Series S.
Both PS5 consoles are set to be released on 19 November in the UK, and 12 November in the US and Japan.
That puts them slightly later than Microsoft's 10 November launch date.
Sony was the clear leader in the last generation of the so-called console wars.
The various PlayStation 4 consoles outsold the Xbox One range by a factor of more than two to one.
But the £449/$500/€500 cost of the Japanese firm's new top-end machine and £360/$400/€400 price of the disc-less one means it may be a closer battle this time round, at least to begin with.