The Xbox Series S is, on paper, every bit as feature-rich as the Series X. It's based on the same fundamental RAM, storage, CPU, and GPU technologies - which of course means that it is ray tracing capable. You can absolutely get RT acceleration on the system, just like any other RDNA 2-based hardware platform.
The S is a pretty impressive machine. I could see MS transitioning it to a more portable form factor if they so desired. Maybe even team up with Valve to make steamdeck 2 essentially a portable Series S.
Ray tracing... If the ps5 and series x got problems to have games with rt without huge drops on rez.... Why even talk about a console that most games run at dynamic 1080p... Playing games at 540p with Ray tracing like the matrix demo or fortnite... That's why almost all games don't use on the s...
You can run games at lower graphic settings on Xbox Series S, but do you want to? For $100 more, you can buy a PS5 digital that has better graphics and more hard drive space. When it comes to game consoles, less is not more. Save your pennies.