Scarlett would technically cover two consoles, an entry-level model (codenamed Lockhart) and an Xbox One X equivalent (Anaconda). Microsoft isn't expected to go into vivid detail about the systems when they're likely over a year away from launch, but it may provide technical details to whet appetites. Sony has already outlined hardware expectations for the PlayStation 5 -- it's easy to see Microsoft offering similar info to reassure Xbox fans.
As it stands, there have been other teasers in the run-up to Microsoft's E3 presentation at 4PM Eastern. It's making Xbox Game Pass Ultimate available to everyone, with a sale offering both Xbox and PC games (there's also a new $5 PC-games-only pass) for $1 for the first month. And did we mention that the redesigned Xbox app for PCs has popped up on the Microsoft Store in a currently inaccessible beta? There's a lot in the pipeline for Microsoft's E3 gathering, and that's before touching on the game streaming service or any title introductions.