Microsoft practically surprised the whole gaming industry when it announced not one, but two gaming consoles coming to the Xbox One range at this year's Electronic Entertainment Expo. Now gamers are asking the all-important question: "Should I buy the Xbox One S in August, or wait for the Scorpio next year?"

Here we look at the pros and cons of each console to help gamers make their ultimate decision.

Xbox One S: Cheaper Price, No Long Wait Required

The slimmer sister of the current Xbox One will be making its way onto the market in August, so people don't need to wait until the holidays to get their hands on one.

The Xbox One "sidegrade," as Windows Central calls it, features the same CPU and GPU as the current model. It supports 4K Ultra HD Video and high dynamic range, sports a new improved controller, and comes with a vertical stand.

One notable change is the absence of a Kinect port, and if the users would want to hook up the Kinect to the Xbox One S, a USB adapter is required.

As for the cost, the 2TB version is priced at $399 and is available for preorder now. A cheaper 500GB version will also be available for $299.

Project Scorpio: VR and 4K Gaming, Just like Your Gaming PC

"We are building a beast," Xbox Game Marketing Head Aaron Greenberg said about Project Scorpio during Microsoft's E3 presentation, according to Dualshockers.

4K gaming at a cool 60FPS, Oculus and HTC Vive compatibility, six teraflop GPU. With what Microsoft has given out so far, the "beast" he is referring to might just be like a high-end VR-ready gaming PC with an Xbox interface.

Microsoft does not even have a physical console to show when it was announced at E3, so gamers cannot visualize how it would look compared to the Xbox One S.

Windows Central reported that the promise of 6 teraflops means that the machine will cost a lot of money, even with the cheaper option of using AMD GPU's. Considering the GPU cost alone, the price of the console might fall between $200 - $600.

The Final Verdict

Basically speaking, Xbox One owners can skip the Xbox One S if they don't care about a 4K video and 4K Blu-ray. They can, however, consider the purchase for the aesthetics alone, with the smaller model taking up a smaller amount of space compared to the current console.

For first time Xbox One buyers, or for those who still have an Xbox 360 and is looking for an upgrade, the Xbox One S will definitely be worth looking into.

For those who are looking for a major upgrade, and don't mind waiting for another year and a half, then better start saving up now for the Project Scorpio because it will not be cheap.

However, if they already have a VR-ready gaming PC, then there is still no reason to go out and shell out for a Project Scorpio console.