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The S can't do 4k . The X will be a good chunk more powerful, my hunch is we'll see a lot of games made for the X that end up being downgraded to 30fps on the S. Microsoft is pushing hard their "Smart Delivery" where you buy the game for one platform and you can play it on any, which is cool and all but probably means they won't be particularly optimised for any one of them.
I'm not just trying to bash on Microsoft, I enjoy playing on my xbox, but it feels to me like they're releasing this new generation of consoles as an incremental upgrade to the One, kinda like buying a new GPU for your PC. Without any big name games to launch with and the promise that basically any games you buy for at least 6 months after will also be on the One make it feel like a "nice to have" rather than a whole new ecosystem to buy in to.
I dont understand how at that price you'd be inclined to go for the more pricey one?