If would need to be half as powerful as the X1X for that GPU wise and every rumour points to it being 1/3 of the XSX. It could do 1440p30fps in a 4K60fps XSX game though.
The rumoured 4 teraflops of the Xbox Series S is just a bit over what could be required to run games at a quarter of the resolution that the Xbox Series X runs them at, this could be used to provide the headroom to achieve this comfortably, or it could possibly be used to run games at slightly higher resolution than 1080p, alternatively this power could be used for things such as higher quality anti-aliasing. Realistically 1440p could possibly be targeted with more comfort with a 5.31 TF GPU, and 4 TF may be pushing it. It depends on how GPU bound a game is.
Dynamic resolution scaling could be used to help games target resolutions higher than 1080p when possible, and this machine will also likely run Xbox One X enhanced titles even better, so you could potentially be looking at 4K resolutions for last generation titles, and 1080p-1440p for current generation games depending on how GPU bound they are.
Official news of the Xbox Series S is just coming to light after months of rumours, it would be nice to see an increase in teraflops to the 5TF range which could bring 1440p gaming with it closer to reality. Shortly before the Xbox One launched it received a slight boost in power, this would be nice to see once again for the rumours specs of this machine.
Indeed, it most likely will be that for current generation games, hopefully it will be able to run Xbox One X enhanced titles even better.
Edit - Typo corrections.
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