What just happened? It seems like it took forever, but Sony finally revealed the pricing and release date for the PlayStation 5. The standard console will go for $499, and the Digital Edition will cost you $399. Both consoles launch on November 12 in the US, Japan, Canada, Mexico, Australia, New Zealand, and South Korea. Sorry UK and the rest of the world. You have to wait until November 19 to get yours.

Don’t cry. It’s only a week.

Unsurprisingly, Sony opted to price its flagship console identically to the Xbox Series X. The PlayStation 5 Digital Edition is $100 more than Microsoft’s entry-level Xbox Series S. Still, so far as we know, Sony’s lower-end box is identical to the standard other than not having an optical drive. The same cannot be said for the Series S, which reportedly has weaker specs than the XBSX.

Microsoft is getting the slight head start on sales with its November 10 release date, but Sony has put itself in a comfortable competitive position, in both timing and price.

To add to the value, Sony also had a surprise announcement for PlayStation Plus users. Not only will the PS5 be backward compatible, Plus subscribers will get immediate access to a backlog of PlayStation 4 titles free of charge.

The new perk, called the PlayStation Plus Collection, appears to only apply to PS5 owners. It features several AAA PS4 titles, including God of War, Bloodborne, The Last of Us Remastered, Final Fantasy XV, Fallout 4, Mortal Kombat X, Uncharted 4, Resident Evil Biohazard, Days Gone, Until Dawn, Detroit Become Human, and more.

Sony didn’t mention more about it, but it does appear to be something that it might roll games into and out of as time goes by. It is a nice perk and a clever marketing ploy that Sony hopes will give it an edge in driving next-gen console sales.