While it'd be nice to get a One X with more than 1TB of onboard storage, it's more likely that Microsoft will show off an even cheaper One S instead. The previous model was released almost two years ago to fanfare from critics and players thanks to its svelte design and better performance. Now that 4K TVs with HDR are becoming more commonplace, the value proposition for the One S is a lot more tangible. A lower price could make it even more attractive for first-time buyers -- a market Microsoft would be keen to exploit given the Xbox One's current position in the console landscape.
Whatever happens, we don't have to wait too long to find out. Gamescom begins August 21st, with Microsoft's opening keynote scheduled for 10:30 AM Eastern the same day. The event will be livestreamed, and we'll be on the ground covering the biggest news and coolest games all week long.
Update: Microsoft is backtracking on this announcement. Hryb tweeted that the wording in his original post ("all-new hardware and accessories") was inaccurate, saying that Microsoft would instead have "bundle and accessory news" to share in Germany instead.