Microsoft decided to announce a new Xbox at E3 2016 the Xbox One S. As you can probably guess from the name, it's smaller... and not a lot else.
Here's an oddly shaky cam unboxing.
So this console has pretty much the same functionality as the original massive brick of a thing, without the Kinect port on the back. If you're planning on using Kinect for some reason you'll need a special connector which you'll have to buy separately but it will look a bit messy and annoying.
Otherwise it seems like games are going to look the same but there's support for 4K output for video streaming (from places like Netflix) but more importantly it will also support 4K blu rays, which is a neat and future proof step for Microsoft. Provided you have a 4K TV obviously. It's also compatible with High Dynamic Range tech, but you don't have a TV that supports it yet.
The Xbox One S is out now and costs around €600.