On the PS5, when the 2nd chapter starts, the performance issues are evident. Planet Koboh - probably because it's more open-world than the first chapter. It's not too bad, but there are dips here and there, screen tearing, some aliasing issues, etc. All this is in performance mode. The quality mode is much better, but obviously it runs at 30 FPS. Not my preferred way of playing a game with a focus on timing-based parrying.
I tried enabling VRR, but somehow the screen tearing still happened in performance mode, albeit much less. I'm guessing this is because of the PS5s limited VRR implementation thingy (the whole 40Hz vs 48Hz debate, which I'm sure you guys are aware of). With system VRR "on" in Quality mode (because the game doesn't have a native VRR toggle), the cut-scenes started looking almost like a slideshow, because cut-scenes run at a lower FPS, I think.
Overall, not the best experience so far. Months worth of hype leads to a terribly disappointing experience, which otherwise plays very, very well.