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Ferrari will officially reveal the Will 296 VS, or Versione Speciale, on April 29th, and even though that's a few weeks away, we already know quite a bit about the car. And Ferrari's update for the 296 could possibly be described as a toned down, street legal 296 GT3. 
Much like the speciale trim for the 458 and the Pista trim for the 488, the VS trim for the 296 will bring significant performance improvements with a more powerful engine, a more aggressive aerodynamics package, tweaked suspension, lighter weight and improved brakes, but from what we can tell from the 296 VS prototypes, the VS treatment will feature much more aggressive aerodynamics that were inspired by the 296 GT3. 
A few months back Ferrari let loose this surprisingly revealing prototype which tells us almost everything we need to know about the VS's exterior updates.
Upfront we see a revised front fascia with larger outer intakes and widened sides to accommodate the extra air, dive planes have been installed in front of the wheels, and there are what look to be very small outlets just before the bottom of the diveplains. In the center of the intake there appears to be a radar sensor module and just below that there is a modified air duct. The metallic tape around upper intakes and the outsides of the lower intakes are either hiding updated features, or these are areas of the car that were too difficult to vinyl wrap.  And at the bottom of the fascia is a slightly enlarged front splitter. 
The hood has been modified with multiple large radiator vents similar to the hood of the 296 GT3, and potentially louvered vents on the sides. 
The most modified part of the car is the redesigned sideskirts that are much deeper and now house 1 or even 2 intakes that potentially cool the rear brakes and or electric components.
Ferrari's final prototype for the 296 VS is shrouded in padded cloth sheeting that hides almost all of the cars new features - almost. At the rear we can make out few new features including an updated center exhaust outlet, small gurney flaps on the side and a larger flap in the center, we can also make out a much larger and more aggressive rear diffuser that bulges out at the edges.

From the side we can see new louvered extractor vents at the bottom of the front fascia, which I first thought were just brackets for attaching the sheeting, but another angle shows us that they're part of the new aerodynamics package. We can also see the bottom of the updated sideskirts. The front brakes look to be identical to the 296 GTB but the rear brakes look to be using larger rotors. And this prototype is riding on a set of familiar looking yet new wheels that are covered in tape and may feature titanium or carbon fiber elements  
I modified this image to show what the finalized 296 VS will most likely look like.
Another major aspect of the VS trim will be significant weight reduction, which will be acheived by using lightweight glass or lexan, carbon fibre trim pieces, and a stripped out interior that will feature carbon fibre and aluminum components, much like the Speciale and Pista do.
The 458 Speciale was 90 kilograms, or or nearly 200 lbs lighter than the italia, and the 488 Pista was 71 Kilograms, or 157 LB lighter than the GTB, and from this we can expect the 296 VS to be 150 to 200 pounds lighter than the GTB
As far as performance, the 296 has both an internal combustion and an electric motor that could see a potential horsepower increase. More power for the electric motor would give the VS a better 0-60 time and more power for the internal combustion engine would help to increase the top speed. The 6 cylinder internal combustion engine has been an unpopular choice but don't expect Ferrari to install an 8 cylinder replacement. As of now we're unsure of what modifications Ferrari has made to the powertrain, but if I had to guess, I would say they left the electric motor alone and increased the internal combustion engine's output by roughly 50 horsepower, as both the 458 Speciale and 488 Pista saw a similar horsepower increase, but here's the thing: I would not be surprised if ferrari left the powertrain the same as the GTB and here's why. 
The GTB already produces a combined 8 hundred and 19 horsepower, which is more than enough for any car, and from looking at the prototypes, we know that the SV is going to be much more aerodynamicly advanced than the Speciale or the Pista, and I think that between the aerodynamic improvements and the reduced weight, this car would already see significantly improved lap times - if someone was to actually take one on the track.  
Should Ferrari give the VS a horsepower boost they would certainly be going the extra mile and they may have done it, I'm just saying I wouldn't be surprised if they didn't because the car really doesn't need it.