Good news for Xbox fans who want a little more bang for their buck, as Microsoft officially unveil the rumored Xbox One S: a sleeker, thinner Xbox with a 2TB HDD.

Starting off their E3 conference strong, Microsoft have announced that the Xbox One will in fact be receiving an updated system, named the Xbox One S.

The new Xbox One S will be a slimmer version of the Xbox One console, stacking up at 40% the size of the current, bulky model. The special launch edition available in August will also have a 2 terabyte built-in hard drive, allowing for more space for games to install in a world that seems to have increasingly large titles releasing each year. Along with the Xbox One S's new 'robot white' image, the console also has an integrated power supply, something that makes the lack of size even more impressive.

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Now all players need to power the console is small one wire, directly into the plug socket, which makes the Xbox One S feel even smaller. The console will also allow for HDR gaming, allowing for sleeker, sharper imagery as shown in the trailer above. Besides this, the model carries the ability to play 4K Ultra HD Video and Blu-ray, ensuring the crispest images will be found on-screen. The front of the console has also seen some changes, now containing a forward facing USB port and an IR blaster.

The console is certainly better looking aesthetically than the previous Xbox, with the white casing likely to look less dusty over time than its black counterpart. The console is also able to be stored more easily on its side, allowing for more options when placing it in your home. Thankfully, the new Xbox One S will still be compatible with all the old Xbox One games and controllers, allowing those who make the switch to keep all their old hardware.

A new Xbox controller also saw an unveiling, with matching white plating. The wireless pad has textured back grips and an increased range, giving it better connectivity with the Xbox One S. Xbox Wireless and bluetooth will also be integrated into the controller. The Xbox One S console, with controller, will reportedly release this August for as little as $299.

That initial price range will score users the 500GB version of the console, with a 1TB version set at $349 and the special 2TB version at $399. These price ranges are still a fair way under the allegedly leaked 2TB Xbox price provided by a source at GameStop earlier this week.

Interestingly, a large industry leak provider just announced that there would be no further news about the rumored new Xbox model, though this has proven to be very much incorrect given that Microsoft have started off their presentation with it. Another recent rumor, claiming the new model would be 4 times more powerful than the current Xbox One console might still yet be correct, but not for the Xbox One S as the company confirm that Project Scorpio is on its way and will arrive next year.

Will you be upgrading to the new white Xbox One S? Leave us a comment and let us know.