These two options seem to encompassing the two marketing concepts that are driving Microsoft and Sony's approach to the coming next generation of consoles so I wanted to break them down a bit starting with Microsoft.
This has been signaled for a long time coming that Xbox will be turning into a platform of sorts for people to jump on from a growing list of hardware and with the recent Xbox showcase, the heart of this platform will be Xbox Game Pass. From my understanding of the information they've put out so far, the Series X is less about the launch of a brand new console and more about Microsoft's all-in push to make Xbox Game Pass and the broader Xbox brand platform, a one stop destination whether you choose to reach it with the current Xbox One that you have, a PC of varying degrees of strength, a wider range of devices that can use xCloud's streaming capabilities, or the best console form factor they will have to offer in the Series X. Let's also not forget the backwards compatibility arm of their strategy to bring players' large library of games along for the ride.
There have been some misfires in the marketing from them in regards to how far Xbox One owners will be able to join in on future game releases but if the Lockhart (Series S) console does exist then they will have a "future proof" lower barrier-to-entry option to go alongside the Series X other than the outright budget option that the base Xbox One console will become.
But what about Sony's take on all this? They seem to be going on all-in on the traditional approach of next-gen by advocating some sort of break with the PS5 and its all new controller, unlike Xbox using the same controller, that will herald a new age of different, more innovative games. Although both boxes from MS and Sony will largely be the same, Sony is implying that they won't be gun shy about restricting a game's development and scope for the sake of multi-generational accommodation.
Their messaging on backwards-compatibility has been mixed for the most part outside of saying that a wide range of PS4 titles will run on the new machine which reinforces the traditional stance of Playstation generations ditching the past behind, although they may use the half measure of PS Now to fill in the gaps by streaming old games to you vs running them locally on a PS5.
So which marketing approach is appealing more to you? On a personal level, Sony has sold me on the potential of next-gen so far. To be fair, the new Ratchet and Clank game is probably the only candidate they have that best showcased what SSD tech will be able to provide to developers and that game won't be out for a while, but it does act as a differentiator vs everything that has come out from the Xbox camp, not that this means Xbox won't be capable of doing similar feats of technical prowess.
I guess as of right now I know that I want to get a PS5 because I want to see how Sony will use the hardware for their new first-party titles, but at the same time it's only because of Microsoft's "we welcome all gamers from anywhere" approach that I can shrug at a Series X because my high-end PC will play their games just fine while also using their very compelling Game Pass on PC service.