The Pico 4 is a great option and I have been using it for a few months. We’ll need to wait and see if the Pico 5 does actually become a thing though because the rumours are that it has been cancelled with Bytedance laying off a lot of staff in their Pico division. Hopefully get confirmation either way by end of Feb.
Int he meantime, here are my thoughts on Pico 4 vs Quest 3 as I recently made the switch: