Q:Is this a must have for the PS5?

A:Must have? No. Very Very good to have? Absolutely. New controllers do NOT come with a charging cable.

Q:Does this also charge the PS4 controllers since you will need it to play PS4 games?

A:No, the ports on the bottom of the controllers are different.

Q:Does it support double charge?

A:Yes, it will double charge your DualSense controller from top TYPE C and bottom charging dock point.

Q:Does this have charging indicator lights?

A: Yes it does have indicator lights as you can see from the photo. And it looks pretty cool in dark.