The Xbox One S was revealed at E3 2016. It has the ability to play Xbox 360 classics, on a 40% smaller console. Xbox One S has an upgraded CPU and GPU which were capable of providing more consistent performance in Gears of War 4 during graphics-intensive sequences than the original Xbox One.
Graphical improvements include richer, more luminous colors in games, and video with High Dynamic Range technology which can be enabled on games "literally no impact" on the performance of games. You can also stream 4K video on Netflix and Amazong video, and watch UHD Blu-Ray movies in 4K Ultra HD.
The Xbox One S will be released in a few different versions. There will be a 500 GB, 1TB and a "special edition" 2 TB model which will cost $299, 349 and $399 respectively.