<1080p, no Ray Tracing, and a few other things dialled down (like shadows) on The Medium too.
Early signs really aren't that encouraging. I didn't really expect Series X settings and performance at 1440p. But I did expect it to be able to match Series X at 1080p. The fact it isn't even able to do that in most titles is a bit concerning.
Though I am a little sceptical about the claim that it's all down to the hardware and not the games. Series S hardware is a good 3x to 4x more powerful than One S, but with a more modern feature set and solid state storage. Yet so far, that difference isn't really shining through beyond a few select titles.