#5 2TB storage. If you have a current Xbox one, for like $60-100, you can upgrade to almost 3 to 5tb external and with your internal storage, have 3.5+tb for under $100 far more than the Xbox one S, and as large as you want (5-6tb options are available)
#4 Small Improvements, sure it looks a little pretty and it is smaller but, some features you talk about does not help everyone. IR, not everyone, USB in the front ? what is wrong with the side one ? Minor and very everyone's thoughts here will be different.
#3 It looks better, after reading posts here, its' about 50/50 a lot of people DONT want a white one.. It's your thoughts that it LOOKS BETTER (not an advantage in anyway from a gaming standpoint).
#2 4K HDR, This is a picky one, If you have a 2-3 year old 4K tv, it wont show in 4K (a good chunk of last years tvs wont get in 4K), and the other side are not upgrading their 1080p set any time soon. Hit or miss feature but, a perk if you have a very high end, or a brand new 4K (not the entry level tv).
#1 4K Blu-ray, great feature if it was done right. Still no bit streaming. 4K discs have very high end audio tracks on it, in formats like DTS-HD, DTS:X, Double TrueHD, Dolby Atmos, etc. The Xbox one does not support any of these formats with their outputs. If you have modern $300+ A/V receiver, chances are very high that you wont be able to enjoy these formats with the Xbox one S....
If your main reason to get a Xbox one S is for 4K Blu-ray, and you have a Xbox one with a fairly good Audio system...You are better off keeping your Xbox one and getting a $300 4K Blu-ray player standalone, the Samsung or the Philips.
If you DONT have 4K and you have NO plans on upgrading ANYTIME in the near future, there is NO major advantage really to upgrade your Xbox one, unless you NEED a smaller box that looks a little prettier.
So, it's not as cut and dry as you think... all depending on your needs and wants..