The 2TB Xbox One S is available in Australia from 2 August, and we’ve all the information you need right here.

What is it?

The Xbox One S is a sleeker, smaller, slightly more powerful version of the Xbox One. It isn’t Project Scorpio, a powerful revision of the console planned for next year.

The “S” doesn’t actually stand for “Slim”, but because it’s way smaller that’s what everyone’s going with.

“The new Xbox One S is the smallest and most compact Xbox we’ve ever created; the “S” is a way to differentiate between previous Xbox One models,” a Microsoft rep confirmed with Stevivor.

The Slim comes with the following improvements:

40% smaller form factor.

A new, white colour scheme.

4K video support for Blu-rays, movies and other apps.

4K upscaling for games and HDR support for select games and video.

Its power brick is in the console itself.

A new Xbox Wireless controller with Bluetooth support.

Australia gets the 2TB Xbox One Slim from 2 August, with 500GB and 1TB models available from 23 August.

The console will require a day one update after purchase to enable things like 4K video support.

How much does it cost?

Easy. The 2TB model costs $549.00 AUD. The 1TB model is priced at $499 AUD and the 500GB model at $399 AUD.

JB Hi-Fi is offering a 2TB model with Tom Clancy’s The Division for $549.00 AUD, so that’s the best deal if you’re not trading an old console in.

A Gears of War 4-themed Xbox One Slim 2TB console will also be available in October, priced at $599.00 AUD.

What if I trade in my old Xbox One?

EB Games is offering a 2TB Xbox One Slim for $379 AUD if you trade in your original Xbox One 500GB console (thanks, Agus!). You’ll also get $31 AUD off if you trade in your Xbox One Kinect with the console itself (thanks, Raj!).

Remember to connect to the internet to put all your game saves to the cloud before trading your console in. Also, wipe it first — head here for info.

Does it support Kinect?

Yes and no. The console does support Kinect, but it requires a special adapter to do so.

Those with an original Xbox One and Kinect can head to Xbox Support for a free adapter, but keep in mind that you’ll need to register those serial numbers there before trading anything in.

Those buying an Xbox One for the first time will need to shell out an additional $40 USD if an adapter is required. Pre-owned Kinects are currently $77 AUD at EB Games.

Should I buy one?

That really depends on your situation. Do you have an Xbox One already? You might want to consider waiting for Project Scorpio.

If you have an Xbox One already and don’t have a 4K television, the only benefit is the increased internal storage and its smaller form factor.

If you don’t have an Xbox One and don’t want to wait until late 2017 for its more powerful revision at that time, then it’s a go.

Decide carefully, gamers!