One of the biggest reveals that came out of Microsoft’s E3 press conference this year was the company’s plan to release two consoles. While fans already knew (thanks to a pesky leak) that the company was working on a slimmer version of the hefty, VCR-like Xbox One, “Project Scorpion”—which is slated to release for holiday 2017—came as a complete surprise. While we don’t know too much about the latter, we got to see the stunning Xbox One S in person on the show floor, and have been thinking about it ever since. The good news is, we won’t have to wait too long to get our hands on one, as Microsoft just announced that the system will start hitting shelves August 2.

The 2-terabyte version of the new system is the first one out the gate, and will cost consumers $399. There will, however, be two other consoles: the 500 GB version will cost $299 and the 1TB version will cost $349. Neither of these consoles have a release date at the time of writing, but we’ll be sure to update you once that information is available. All three versions will come with the brand new Xbox One wireless controller which will be available for $59.99 starting August 2.

The good news is, the new system will work with all of your old Xbox One games/accessories, and is 40% smaller than the current console. On top of that, it will feature an  internal power supply (no more power brick!), and will be capable of playing (and streaming) 4K Ultra HD video.

Are you  planning on picking it up? Let us know in the comments below, join the conversation on Facebook, or start one with me on Twitter: @Samantha_Sofka.

Image: Microsoft