Today, Microsoft chose to not Xbox fans hanging by announcing the availability of the smaller storage options for the smaller Xbox One S. Both are set to arrive on August 23rd in bundle form of 500GB for $299 & 1TB for $349.
Pre-orders are already live w/ a Madden NFL 17 bundle that ships w/ the game & 1-month of EA Access for free. Alongside that, you have the Halo Collection that comes w/ Halo 5: Guardians & Halo: The Master Chief Collection.
The Xbox One S will offer up a 40% smaller size along w/ supporting 4K UHD video w/ HDR color so as long as you have a 4K TV that supports that HDR. Both bundles are up for pre-order right now at Amazon.