We already knew it was coming but Microsoft made it official and announced the Xbox One S during their E3 conference.
The Xbox One S is 40% smaller than the original Xbox One, sports an IR blaster directly on the front of the console, has HDR gaming capabilities and supports 4K streaming and 4K Blu-Ray playback. In addition to this, a new controller was unveiled which not only sports a textured grip, but sports Bluetooth connectivity and increased wireless range.
Microsoft has also revealed the price point for the console of $299 when it arrives at retail this August. I feel it would be safe to assume that this console will be the Xbox One console going forward. You can find a showing of the new console below: