UPDATE: As predicted the $299 Xbox One S is just the 500GB model, and the 1TB Xbox One S is $349 with the 2TB Xbox One S priced at $399.
E3 2016 - Microsoft today announced the Xbox One S, a slimmer console with 4K video playback and HDR support.
The Xbox One S is priced at $299 and releases this August, Xbox division head Phil Spencer revealed at Microsoft's E3 event. The Xbox One S is 40% smaller than the current Xbox One console, and features up to 2TB HDD storage, an integrated internal power supply, and most notably, 4K UHD video playback. The Xbox One S also supports HDR for improve visuals.
Microsoft's Xbox One S is fully compatible with all existing Xbox One games and comes bundled with the new Bluetooth-ready Xbox One controller. We'll likely see the default 500GB consoles be priced at $299, and I'm predicting the 2TB models could hit $349 or up to $379 to stay competitive with the PlayStation 4.