Project Scorpio is arguably the most interesting of the two quite simply because we don't know much about it yet.
What we do know is that Microsoft is rather boldly calling it 'the most powerful console ever created'.
Normally we would cast a cynical eye over this statement but Xbox have revealed just enough information to make you seriously excited.
Quite simply, Project Scorpio will be a monster of a video games console boasting 4K gaming and full VR content running as fluidly as it would on a high-end gaming PC.
To accomplish this the console's graphics processing unit will have an eye-watering 6 teraflops of processing power. To put that into perspective, the current Xbox One has 1.2.
Sadly that's all we know for the moment but with virtual reality moving ever closer to the mainstream expect Xbox's new console to be a serious contender. Project Scorpio has a projected release date of Summer 2017.
Finally there's the new Xbox One S - a much-needed redesign of the current Xbox One.
Xbox One S is a LOT smaller, it's 40 per cent to be precise which is going to make a big difference for those of us who have the PC-sized original.
It's also got some powerful new features including 4K and HDR video output so you can watch Netflix at its best.
There are also a range of storage options from 500GB all the way up to the limited edition 2TB model which will just about hold every game you've ever owned, twice.
So how much will this new and improved Xbox cost? Well it's launching in August and will cost £299 for the 1TB model.