If the new redesigned Xbox 360 has the kind of penetration that Microsoft surely wants it to have, then I'll have to ditch the Red Ring of Death jokes. On top of being 17-percent smaller and 92.2-percent more attractive, the 360 "S" lacks the hardware's signature and ominous crimson halo of light. This new console's circle of light, which wraps around the power indicator, merely spits out green. In times of failure, though, the power indicator turns red.
This information stems from an info sheet (below) that Joystiq has obtained, which also reveals that the "S" console will have Kensington Locks, capacitive touch support, and will weigh a tad bit less than its 3.5 kg brothers.
UPDATE: Looks like the info sheet is misleading. Kotaku reports, in an update, that the power indicator, (which is the little light in the middle of the circle) turns red when the console fails. Red Ring of Death is still toast though. Oh, how I'll miss thee.