$499 Canadian? Absolutely. $659 Canadian....possibly. Possibly. I would probably have a different outlook if I would have done the mid-gen upgrade to a PS4 Pro or Xbox one X, but since I managed to control my spending...I could find a way to justify it.
The system would really need a full blown killer app at launch for me to consider it, because everything in the first year is going to be cheaper in year two (since Sony and Microsoft aren't Nintendo). There's nothing gained by upgrading early unless something crazy good is an exclusive (like Bloodborne 2 or an actual KOTOR 3).
Probably will buy a PS5 at launch since I am a sucker for new tech. Do I need to? Nope, as I have a backlog that spans years. So... It will depend on how much savings I have next year.
The only consoles I've had at launch were the Dreamcast, Wii and Switch and that's because they were all below £300 to begin with. They also happened to come out with games I wanted from day one, which sealed the deal. Given the technical problems that often come with new tech, I don't mind waiting for updated models either.
If BC enables better FPS than PS4 Pro I will probably jump on early or get a used one.
But I will probably wait for the first two revisions if the launch model has noise issues etc, which we won't fully know it doesn't have until it has passed at least 6 months.
I wouldn't buy one at launch even if it was $399. Launch games are rarely good, and all the new bells and whistles aren't appealing to me yet. Might as well wait until there is a compelling case to upgrade.