According to multiple websites (but originating from Vice Gaming) it looks like Sony will be showing the world it's first look at Project Neo September 7th. Unlike the Xbox One S, Neo is meant to complement the existing PS4 and boost the system performance of the current console. This includes 4K gaming and video quality among hardware boosts.
Even though the Xbox One S is reasonably priced, I think Sony is making the right move in offering existing hardware to its console. I have no interest in trading in my Xbox One for an S (I know some will) and would've been far more likely to upgrade if the device had come in the form of a peripheral.
Who's excited for this reveal?