What do you expect PS5 to cost?

You should check out this article talks about release date of the PS5 and all console and accessories Sony will offer with the PlayStation 5 Console with prices.

Hope it helps! :)

While I agree the prices seems a little out there, but you have to remember that the PS3 was a heck of a lot more expensive back in 2006 primarily because of the backwards compatibilities it had, also the BluRay drive. 

So for $500~$600, It’s still somewhat better than the PS3.

Doubt it would matter to you anyway. Once the PS5 is released, Scalpers will buy them up with Bot programs then try to resell them on ebay for 3x to 4x the price.
Otherwise it will prob be $500

Five hundred dollars. 

Given that the only difference between the two is the Ultra Blu-Ray drive, which isn't a $100 part, I was only expecting a $50 difference -- $449/499. But now that Microsoft has a $299 next-gen console (less powerful but still plays the games) then Sony might have to take a bigger loss to get closer to the price point.

Yeah, they're expensive and $499 is already half of $1,000. But for the price and for what it's worth, you will be paying for what you bought with the PS5. I'll be buying the most expensive version.