3 sourced reports, with what to check before you buy. Each one links to the page it was reported on.
Costly or dangerous
Microsoft global replacement program for Xbox Series X/S AC power cords (model 1948-000001) due to overheating
Reports a voluntary global replacement program for Series X/S AC power cords (model 1948-000001) that can overheat at the C13 connector, with surface temperatures exceeding safety thresholds.
What to check. This is the most consequential finding: affected power cords can overheat or melt at the plug, and owners in the EU market should check their cord's model number (1948-000001) and use Microsoft's replacement program rather than keep using the cord.
Xbox Series S internal SSD failure leaves console stuck at dashboard and E109 error after cloning
A repair thread describes a Series S that boots games to a blackscreen and returns to the dashboard; the suspected cause is a failing SSD, and a self-repair clone produced an E109 error because the drive key did not transfer.
What to check. A failing internal SSD makes the console drop back to the dashboard when launching games; DIY cloning is risky (E109 error from the missing key), so this is an expensive repair that most buyers will not attempt.
Xbox Series S left analog stick drift reported by owners
An owner reports severe left-stick drift on a Series S controller that cleaning with alcohol did not fix.
What to check. Stick drift is a common owner-reported fault on the Series S controller; the poster's cleaning attempt failed, so a buyer should budget for a replacement controller (roughly €50-60) rather than expect a cheap fix.
These reports come from the pages linked under each item: owner forums, repair guides and workshops. They are not a diagnosis of any one unit, and a careful check of the one you are buying still applies.
Text from the Kriko Gaming consoles catalog, version 0.1.1, under the CC-BY-SA-4.0 license.