2 months later PS5 thoughts...
Controller: unsurprisingly not enough software uses the Dualsense's unique features well, but it's decent overall. The Dualshock 4 was more comfortable in my hands without a doubt though and the PS button on the Dualsense sucks, so that's kind of sad. If I could still use my DS4 with my PS5 to play everything, I probably would. Of course, this doesn't take into account my biggest complaint about the DS4, which is its poor durability. So far, my PS5 controller is holding up fine.
Stability: I've had crashes with Cyberpunk 2077 before I refunded it and a grand total of one with AC Valhalla in like 70 hours of gameplay time, but none with Demon's Souls, Sackboy, or any other PS4 backwards compatible titles. Seems like if a game has stability issues it's because of the game, not the PS5. Pretty happy here. Also, my PS5 is quieter now than it was when I got it! Super cool too.
Performance/power: I wish more old titles were getting updated (Bloodborne), but everything that has gotten a fresh coat of paint runs/looks great. I'm a little disappointed by the quality modes in most games though; they barely look different and the drop in frame rate from 60 to 30 always makes the quality mode feel like a "check the box" afterthought. Demon's Souls is gorgeous and probably the only real next-gen looking thing, but it still plays like a PS3 title (because it is virtually unchanged).
Design: the look of the PS5 has grown on me and I like the UI a fair bit. I just wish that the Store portion of the playstation experience wasn't absolute trash. I don't think anyone disagrees that this is a huge weak point.
Exclusives: if you don't have a PS4 Pro, the PS5 shines really brightly as a console thanks to the strong back catalogue of PS4 games. If you do, I'm not sure it's worth struggling to acquire a PS5. It remains a great deal compared to the PC experience and will retain value, but Demon's Souls is the only true exclusive at this point. If you're a Souls fan, it's worth it.
Surprises: the storage space was even less of an issue than I thought... I really thought I was going to need a nice external SSD with all the games I bought, but I haven't really used one at all. It's so easy to install/uninstall/download/update things now, that I don't feel the need to keep so much on my console. I know that won't be true for everyone, but I'm a completionist/focused gamer, so for me the storage has been ample.