Initial reaction to the Series S seems positive. Wow! $299! Opens consoles to new market of gamers. While no doubt the next gen price has been lowered, it only counts, if you're not looking to upgrade until the next generation, or the next box they bring out.
What I mean is if you buy the Xbox Series S and then upgrade later to the Series X (because you buy a 4k tv) then you've effectively spent $299 + $499 (launch price assumption). You may as well buy the Series X upfront. I think the Series S is fine if you're not upgrading your TV for 4 or 5 years, that would be make sense and you would have saved $200 from not having to buy the Series X because that performance would have been wasted on a 1080p TV.
But if you're considering buying a new 4k TV within the next 5 years, you may as well just get the Series X.
That's my take on the Series S - let me know what you think in the comments below. Are you going to buy a Series S? The price point is certainly attractive.