It appears that Sony has revealed the PS5 hardware specifications earlier today, but it now looks like those rumors were indeed false.
Sony has been incredibly tight-lipped on certain elements of the coronavirus, but thankfully Sony has decided to hold their presentation online instead.
Now, thanks to an incredibly boring PlayStation 5 presentation, players now know the PS5 will be backwards compatible with at least 100 PS4 titles, but the company did not mention anything about being compatible with games from the PS3, PS2, or PS1 console generations. While this doesn't mean such features are definitely never coming to the console, the thorough nature of the presentation suggests that if such a thing was planned, it would have likely been mentioned. As described in a Twitter message from @Wario64 below, "Sony took a look at [the] top 100 PS4 games based on playtime and [is] expecting almost all of them to be playable at PS5 launch."
There were a number of other topics covered in the presentation, but what was missing was a complete list of the games Sony tested, as well as an actual look at the console itself. Fans have been clamoring to see the final version of the PS5 console since the logo was revealed not too long ago, and many were hoping today's conference would be that day. Unfortunately, both the rumors of PS1 through PS3 backwards compatibility and the hope of actually seeing the PS5 were squashed underneath lengthy descriptions about how and why PlayStation consoles tend to have loud internal fans.
While initial analyses are suggesting the PlayStation 5 may not be as powerful as the Xbox Series X, there will likely be many more arguments on the subject to be had now that an official list of PS5 specs has been released. As the planned release window of Holiday 2020 draws slightly closer with each ing day, fans of Sony's brand can only cross their fingers and hope that the current coronavirus pandemic doesn't delay the production of the next generation of video game consoles, and even though the PlayStation 5 will not likely be compatible with PS1 through PS3 games, at least players can still play their more recent favorites on the new platform.
Source: Wario64/Twitter