I bought one after giving up on finding an X and regret. Definitely does not feel like like a "next-gen" console. There's games that look better on the One X, including a lot of BC games. The first two games I played were Doom Eternal, which looked pretty bad compared to how I remembered it on OneX, and Forza Horizon 5, which doesn't look bad but not impressive either.
Personally I find it a pretty shitty value too. It's cheaper, but I'm constantly annoyed at the small hard drive, if your budget conscious it's very nice to be able to buy physical games on sale, and the X plays 4K BluRays. Add on that it's way more powerful and that's a lot of value for $200, especially for something you'll be using for years.