Controller features, VR, non-proprietsry storage.

When you're talking about a premium market in particular, I think most high-end consumers who care about the aesthetics of their living room would prefer the official, matching Dualsense charger/stand over Microsoft's charging kit.

The exclusives are huge, especially factoring in backwards-compatibility. Xbox is undoubtedly a better value if you already have a library of older Xbox games or you are shopping used. But if you divide consumers up into Budget, Value, and Premium tiers, I don't think the Premium tier consumers care about playing games that old. The PS4 had way more big-budget AAA exclusives than the Xbox One did, so I think PlayStation has the advantage there.

Weirdly, I think there's some dissonance with this around disc drives. I would think premium consumers would care less about physical media: they aren't buying used games and probably have concerns for the aesthetic of storing physical media. I personally prefer physical media, but I consider myself a value consumer who has no qualms buying used and can handle a little bit of clutter. So I think disc drive versions are valued less by the premium segment, but costs more to manufacture. So I think that boosts the sales of the diaclsss PS5. Premium consumers aren't interested in the Series S at all though, so if they do go Xbox they just get the X and don't use the drive. I kind of wonder how the market will react if the rumors of Sony selling an external drive end up true.