The Switch OLED Model's main feature is its OLED screen - a technology which offers deeper blacks and better colours than most LCD screens like those on the original Switch.
It will launch on 8 October, costing £50/$50 more than the current model.
But the new revision does not feature some of the rumoured improvements fans may have expected.
The so-called "Switch Pro" was widely expected to be announced ahead of or at this year's E3 gaming event in June.
Despite attempts by Nintendo to downplay expectations, some rumours suggested the new model would feature more processing power and advanced processing technology which would drastically improve its graphics.
But the OLED Model announced on Tuesday instead has a range of more minor improvements.
"I think this is disappointing for users who were expecting something more powerful," said Louise Shorthouse, a senior games analyst at Ampere Analysis.
"Given the lack of power upgrade and the small price difference between this and the flagship model, we believe the OLED version will eventually become the flagship and the original will be phased out - perhaps through 2022."