If MS are pushing Scorpio as an upgrade, like PS4 Pro (which seems to be the case) then I expect the CPU to be a Jaguar and GPU will probably be Polaris based, to keep the cost down as much as possible. No point spending lots of money on Zen and Vega, if it's aimed at a smaller audience, just like PS4 Pro is. I think Zen and Vega will be used on the real next gen systems (PS5 ect) as they will be cheaper for them to use then.
The extra 1.8 Tflops GPU power (over PS4 Pro) and more RAM will help run games with slightly better graphics or native 4k, with better textures ect, so games should look really good but I don't expect to be blown away by anything because PS4 Pro and PC already have great graphics and Scorpio will fall somewhere between them.
The actual games are going to be the key thing, as this is one area where MS are behind. I'm looking forward to seeing Crackdown but I would love to see more new IP's from them. Sunset Overdrive, Quantum Break and ReCore might not have been massive hits and it's a shame Scalebound didn't work out but it's a step in the right direction, hopefully a few misses doesn't stop them looking for their next big hit.