Looking to get back into gaming

I'm going to take the plunge and get my gaming system finally set up. I've traditionally been an Xbox guy but I feel like the ps4 has better specs. Last time I was gaming was around the time halo 3 came out. Definitely looking to stay in the console realm for now.

So do you guys have any recommendations on the popular online games now? Which system is better? A good gaming TV?

Any advice is much appreciated!