Update: After the event, the newly uploaded trailer for Final Fantasy XVI changed part of the streamed event. During the event, the following part of the trailer was seen:

This was replaced with the following in the uploaded trailer

At the end of the trailer, the following message still showed however:

Additionally, in a statement to Gematsu, Square Enix said, "We have no further information on if FF16 will be released on platforms other than the PS5."
Analyst Piers Harding-Rolls stated that Final Fantasy XVI is a full exclusive for 6 months, and a console exclusive for 12 months. We are not able to corroborate this at this time, and while it seems most likely, we have updated wording in the story below to treat it as an exclusive.
At today's PlayStation 5 Showcase, we got a first look at the next Final Fantasy title. Final Fantasy XVI will be coming in the future at some point. And it is a (likely timed) exclusive for the PlayStation 5.
Oddly, the showed off gameplay for Final Fantasy XVI had a disclaimer that it was from a PC but emulating what it will be like on the PlayStation 5. That seems to mean that we can expect to see it on PC at some point (as a disclaimer in the traielr points out), though with what Sqaure Enix has been doing lately, that's not a big surprise. The PC is the development software, and may be the first platform it is ported to based on reports.
It seems to be more of a return to the more familiar fantasy setting with mythical monsters, knights, castles, dragons, and more.
Some gameplay was shown off, and it looks to be in a similar vein as Final Fantasy XV and the Final Fantasy VII Remake, though this wasn't a deep dive by any means. Though, XVI looks to be even more hacky and slashy than those, at a quicker pace.
Interestingly, every fight they showed off only had one player character fighting at one time, rather than the one player controlled person and your allies/party with you. Of course, seeing as it is a Final Fantasy game, you will probably have some sort of party with you. So, it is too early to say whether that's a big change from what we've seen in the past yet or not.
There is no release date yet for Final Fantasy XVI, and we might not know one for a little bit based on Sqaure Enix's past announcements with their games.
What do you think of Final Fantasy XVI? Does it make you want to get on the PlayStation 5 bandwagon? Let us know in the comments below!