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The X is a good upgrade over the rest of the consoles on the market,but without a 4k tv your right its not really worth it,i probably wouldnt have upgraded if i didnt buy a 4k tv knowing the X was coming. I always say to people though i dont really recommend the upgrade without the 4k tv and even if you do the $500 price tag is pretty steep.

And as for next gen,i have no reason to say this other than a gut feeling based on how MS seems to be going all in on next gen,that they will take a significant hit to get the Scarlett out. They will have the most powerful console on the market and if its a $500 console for the consumer id bet they are losing close to 100 per console. They will make that up on all the xbox live/gamepass subscriptions so the more consoles they get out there the better long term for them that they can afford to take a bigger hit than normal