The console itself is excellent, the load times are really an upgrade worth the money. It's also nice to look at, imo at least. I haven't had any noise issues with it so far and I've owned it since late February.
The controller on the other hand is a different story. I'll start off with saying that the haptic feedback and adaptive triggers are amazing, whilst not really useful in most (multiplayer) games (yet). However, my first controller stopped charging after about 2 weeks of owning it. It was one of those situations where you have hold the cable at a certain angle for it to work. Later on it didn't charge at all. The provided USB-C cable is just horrible quality. It broke after not even a month and when it was still working, it was constantly slipping out of the controller. I generally don't like the feel of the charge port, it requires too much force to take out a cable. Just doesn't feel well finished. The battery life of the Duel Sense is also really frustrating. I can get maybe 3 to 5 hours on a full charge before it says its empty. Note that it doesn't turn off then, I could easily play for another hour orso.
What I don't like about the system itself, is some of the UI of the menu's. Why can I only acces the Capture Gallery by pressing the Share button, clicking on my last clip or screenshot and then select Go To Capture Gallery. Don't get me started on the Party and Game Hub stuff. It's so cumbersome to go to a party or to message a friend. The PS4 way was a lot more fluid and easier/faster to use.
Overall it's absolutely worth the $500. I give it a 9 out of 10! The load times make me want to get digital games only for the future, as switching between them is so easy. The performance is also insane, as you'd expect. I can't wait for more PS5 build games to come out, especially Battlefield 2042, as that game will use the absolute maximum of the console from what I've seen!