No, that's not an upgrade to the current generation Xbox One. The Xbox Series X will be the next-generation Xbox console from Microsoft. Are you looking forward to it? And do you agree with me that they really need to get a better naming scheme?
It's strange how many stupid console names there have been. You can get away with just adding Super to NES/64 to Nintendo or 360 to XBox and 3DS is almost witty, but none of those are good. Also PSP, while simple, wasn't that catchy. But to really confuse people, let's go with Wii U (and Wii wasn't that great name either, except for jokes...) and XBox One.
OK, Game Boy, Master System, Playstation, Gamecube... those work but aren't exactly ingenious either. And Genesis(/MegaDrive - also a bad idea to use different name for US and rest of world), Vita and Dreamcast don't quite sound like a console.
I think my favorite console names are Saturn and Jaguar. Maybe Roman/Greek mythology and carnivorous animals are what they should pick as names.