A sleeker, slimmer, and sharper version of the Xbox One leaked before its official announcement at E3.
The new version of the Xbox One will support 4K Ultra HD video and is 40% smaller than the original Xbox One. Although release date information has not yet been announced, it’s expected to launch later this year – some say in August.
The project is code-named Edmonton, after the Alberta city (for an unclear reason).
Pricing details for the Xbox One Slim have also been leaked. The 500GB version will be priced at $300 and a 1TB version will cost $350. You can also purchase a 2TB Xbox One S for $400.

Update: Microsoft Officially Announces Xbox One Slim

At E3, Microsoft officially announced the Xbox One S, or Xbox One Slim.

The design has also been slightly tweaked, as you can see in the above pictures. Other features included in all versions of the Xbox One Slim (all three price points) are 4K Ultra HD and HDR support, a 40% smaller console, and a “robot white” color.
All Xbox One S purchases also come with one redesigned Xbox One wireless controller. That controller has Bluetooth support, which means you can use it with any Bluetooth-enabled Windows 10 PCs or tablets without additional hardware.
Microsoft also announced that the new Xbox One wireless controller will be sold for $59.99 each. Oh, and there’s a new Gears of War controller, too, in preparation for the launch of Gears of War 4.
The Xbox One Slim appears to be a replacement for the original Xbox One. Microsoft lowered the price of the original to $299 at the end of May, so they clearly want you to move towards the Slim.