I've just updated the game and aside from the absolute ugliest loading screen and character selection screen ever, there was definitely a chance in graphics on Series X.
It seems like the shading is broken and low quality. I've noticed it immediately after I logged in.

Here's my characters face having some black shade on his face that shouldn't be there. Entire model has this weird, plastic shading on it and some elements are not affected by light sources. The game just looks different.
On top of that, the effects that were always working now do not work. For example, Noxious breath from my Dragonknight appears maybe 50% of the time.
Overal, the game looks flatter and worse. Anyone else noticed it? (tested in Cyrodil as it's my main place to go to)
I hope these changes are not intentional and not part of some silly environmental thing again.