PS5 Pro is expected late 2024, with the PS6 expected 2028. If Microsoft is to try to keep pace, as someone who doesn't have either console, it will be interesting to see if they also brand this as a mid-generation refresh or if they stick to their guns they've been touting for a while of being "beyond generations".
How does it's performance compare to a PS5? Because at least where I live, I would have to spend about twice as much on a PC to get the same performance as a PS5.
I could not tell you because I don’t have a PS5 to compare it to. I can say it’s leagues better than my PS4.