The name (XBox One X) is terrible. Thankfully, names don't matter nearly as much as people tend to think they do, so this is a more minor point. Having a mildly confusing name that is difficult to market won't necessarily hurt the system's chances.
What will hurt is the price tag, which is $500 USD. That's a decent chunk of change. To be fair, everyone with realistic expectations saw this coming a mile off, and probably weren't surprised by this announcement. $500 is right in line with what I was expecting for the 1X. But more expensive, and more expensive than the competition, are part of what's been holding the XBox One back from the beginning. The PS4 Pro also provides 4K gaming and UHD, and costs $100 less.
All of this is somewhat mitigated by the future-facing nature of the console. Most people don't even have 4K screens yet, and aren't in a hurry to go out and get one. The 1X is designed to sell better in the future, when it's assets can be better taken advantage of by consumers. Unfortunately, the X1 doesn't exist in a vacuum, and has to worry about cheaper alternatives, both now and in the future.
I don't particularly like the 1X's chances. What I do like is the volume of games Microsoft was showing off in their presentation. What they really need to be pushing and promoting now is not the 1X, but the 1S. And a sizeable helping of quality games can help with that. I only worry that not enough of those titles were true exclusives. (not coming to PC as well, or at least not exclusively to Games for Windows)