The Xbox Series S has all of that, and — based on what Microsoft is saying — it shouldn’t fall behind in those regards even late in the upcoming generation.
Put more succinctly, the Xbox Series S is just as much of a next-gen experience as the Xbox Series X — but set to a lower resolution that matches most people’s current TVs.
Ultra-low latency custom 512GB SSD: Microsoft is using the same NVME PCIe 4.0 SSD on the Series S as it does with the Series X. 4K Streaming Media Playback: Xbox Series S supports Netflix and other 4K HDR video services.
Variable refresh rate: Xbox Series S supports adaptive sync with modern displays.
DirectX Raytracing: Xbox Series S supports the same physical light rendering as Series X. Variable Rate Shading: Xbox Series S will run games better by rendering darker and less visible areas at a lower resolution.