Rumor that Lockhart will be unveiled in August.
Microsoft will have a big hill to climb compared to Sony, as you note.
Perhaps they’re counting on being able to price the Series S significantly lower than what Sony could get away with. For example, what if it’s:
PS5 - $599
PS5 digital - $499
Xbox Series X - $599
Xbox Series S - $299 (or $399)
I think it’d have to be that significant for them to have a clear value proposition for players looking for a lower-cost option.