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PS5 hardware supports Variable Refresh Rate (VRR) through HDMI 2.1. After a future system software update, PS5 owners will be able to use the VRR feature of compatible TVs when playing games that support VRR.
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PS5 is compatible with 8K displays at launch, and after a future system software update will be able to output resolutions up to 8K when content is available, with supported software.
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TV speaker virtual surround sound won't be available on launch day for PS5 but is planned for a future update.
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M.2 SSD storage functionality will come to PS5 after launch with an upcoming system software update.A lot to do yet.