The Xbox One console has a price of $US499/£429/AUD$599 and will go on sale in November this year.
What's more, DRM-based restrictions on the used game ecosystem have been scrapped and Microsoft has also retracted its plans to implement a daily online check-in policy, two big changes that go some way to wards pulling the Xbox One out of its initial positivity drought.
Microsoft describes the Xbox One as "the ultimate all in one entertainment system - one system for a new generation." It has the second generation of Kinect baked in nice and deep and has powerful specs similar to those of the Sony PS4.
The black console wants to be the one-stop entertainment solution for your living room, integrating live TV, games, movies and web services like Skype, all controlled using Kinect's improved voice recognition features.
Xbox One release date
The official Xbox One release date is November 2013 for the US and UK and 19 other territories, slap bang at the start of the Christmas silly season.
There was a rumour which touted November 27th as the Xbox One release date but Microsoft has said this is not accurate. No official release date has been decided or revealed.
The Xbox One looks quite different to the Xbox 360, and the reaction since its reveal in May has been mixed to say the least. Microsoft says it has taken a "new approach to design," but many gamers just think just it looks 'like a black box.'
"We wanted to think from a holistic perspective," said Ramiro Torres, Creative Director of design on the Xbox One. "Its design has to make an appropriate statement that reflects its capability as an all-in-one entertainment system."
It's also a lot more expensive than the Xbox 360 when it hit the market in 2005 - $399 and £279.99 in the US and UK. No official pricing has been announced for other territories yet but expect a roughly straight conversion in your local currency. Better start saving yesterday, huh?
Xbox One specs
No big surprises here, really. The Microsoft Xbox One comes packing an x64 8-core AMD Jaguar CPU, USB 3.0 ports, 500GB hard drive and 8GB DDR3 RAM. Connectivity-wise you've got 802.11n Wi-Fi with Wi-Fi Direct functionality for exchanging data between devices - specifically the new Xbox controller.
There's also the addition of a Blu-ray drive, which marks Microsoft's first move to embrace the disc format created by Sony et al, which vanquished HD DVD back when TechRadar was but a glint in someone's eye.
So as expected, then, the new Xbox One is more like a mini-PC than any Microsoft console that's come before. These specs put the console on a par with the PS4 and bode well for developers who want to make cross-platform games.
The console has not only an HDMI-out port but also HDMI-in too. This is for interfacing with set-top boxes in order to integrate the Xbox One with your TV-watching experience. As far as you're concerned, you'll only have one device instead of two.
Video: The original Xbox One launch - highlights...
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Xbox One SmartGlass
Using the new version of SmartGlass in conjunction with the Xbox One, you can start single player games from a tablet, or view leaderboards and achievements. Xbox One "Smart Match" will also be able to set up multiplayer matches with other players in the background while you play single player games. What's more, the Xbox One will no longer be constrained by the limits that the Xbox 360 was - your friends list will no longer be limited to 100 friends, and Microsoft Points will be replaced with real money.
Xbox One used games and DRM
After an online backlash, Microsoft reversed its decision to mandate a once-per-24h online check in and the used game DRM policy which would have placed restrictions on the used game market.
The system will now only require a one-time connection to setup a new Xbox One. After that, gamers are free to play any disc-based game without going online again. Just like with Xbox 360, in other words.
This does away with the much-maligned 24-hour check-in requirement that would have made even offline, disc-based games null and void with a day-long dropped internet connection.
"Today I am announcing the following changes to Xbox One and how you can play, share, lend, and resell your games exactly as you do today on Xbox 360," wrote Don Mattrick.
Previously, Microsoft set up the Xbox One with a one-time lending policy for disc-based games that would only be possible if the recipient was your friend on Xbox Live for more than 30 days.
Although "downloaded titles cannot be shared or resold," this policy is the same as the one in place on Xbox 360 and PS3 today. Also the same, digitally distributed games will be playable offline.
Microsoft's final about-face regards its original intention to region-lock games. There will be "no regional restrictions," which would have put Xbox One owning importers and travelers in jeopardy outside of Xbox One supported countries.
Xbox One: Kinect
The new Xbox One has Kinect functionality built into its very core. To turn the console on, you need only say the words "Xbox on" - the console is always listening.
A live demo at the launch event showed Kinect instantly responding to hand gestures and voice commands. That simply isn't possible on the current hardware with the Xbox 360 and suggests that the new Kinect v2 is the gesture and voice controller we always wanted it to be.
The demo showed the ability to switch between games, videos, music and live TV instantaneously using simple voice commands such as "Xbox watch TV". You can even ask to watch a specific channel - HBO was an example they used - and Xbox will take you there straight away.
Microsoft says that Kinect 2 is so fast and powerful that it detects motion in just 13 billionths of a second - the time it takes light to get from you and into the camera.
The Kinect sensor as a resolution of 1080p which means its footage will look great on your HD TV, and it captures video at 60fps which means footage that's lovely and smooth.
The camera also has a field of view that's 60 per cent bigger than the original Kinect which means less faffing around trying to stand in the exact spot it tells you to. That combined with the more powerful processor means you'll be able to get a lot more people gaming with Kinect all at one time.
What's more, Microsoft says that the new Kinect uses infra-red, which means it works in complete darkness.
The new Xbox controller is very much based on what's come before, but under the hood has been upgraded with over 40 technical and design innovations. Updated directional pad, thumb sticks and contours aim to deliver greater precision and control, while new vibrating "impulse triggers" promise precise fingertip feedback and "an unprecedented level of gameplay immersion". The Xbox One Wireless Controller is designed to work in concert with the new Kinect, allowing the two to be paired automatically to create seamless player syncing.
We were lucky enough to get some hands on time with the new Xbox One Gamepad where we got a peek at a few of the 40-plus improvements that have been made over its predecessor.
Based on our brief time with the new controller we felt that the impulse triggers possessed the most promise and potential for immersing players that much deeper in the game play, while subtler features, such as magnetic sensor-equipped triggers and a battery case that no longer protrudes from the back of the controller, hint at the many ways the controller will provide improved precision in your games and comfort in your hands.
One last feature of the gamepad that should please gamers is the low-power sleep mode it'll slip into if you step away from your TV. But instead of switching off completely, a la Xbox 360 pad, it'll wake up as soon as you pick it up again.
Live is the most popular online gaming platform on the planet and it's getting a huge behind-the-scenes overhaul for the new generation.
While current games servers number roughly 15,000, Microsoft is expanding that to a barely conceivable 300,000 in order to ensure you have instant access to your games and content no matter where you are.
Xbox One personalisation
You can turn on the Xbox One by simply walking over and talking to it. It turns on instantly, and Kinect will recognise you and take you straight to your own personalised home screen. Here you have access to your own personal movies and music, as well as leaping straight into your own save games.
Xbox One games
Microsoft announced back in February that its own games studios will release 15 games in the first year of the Xbox One's life cycle. Other than that, we also know that FIFA 14 will launch on the console with exclusive content, and the new COD game, Call of Duty: Ghosts, will also have exclusive content on the Xbox.
The confirmed exclusive titles are Forza Motorsport 5, Quantum Break, Halo 5 and Ryse. Many other cross platform titles have also been confirmed and you can get the full lowdown on them all over on OXM's Xbox One games page.
Microsoft revealed more games at E3 2013. The big name is a new Halo game exclusive for the Xbox One, and also incoming are Metal Gear Solid V, Sunset Overdrive, Minecraft: Xbox One Edition, Forza 5 and more have all been confirmed.
And that's not all. The PC smash World of Tanks is also on its way.
However, it is yet to be seen whether the cloud might come to the rescue and allow games to be streamed over the web. Perhaps E3 has the answer...
Xbox One review
We're at E3 in force to hopefully get our first play with the console itself, so check in with TechRadar throughout the week for all the latest.
Strong rumours were building that Microsoft was planning a double assault on the console market. The new Xbox would allegedly be joined in the cabinet by an Xbox MIni - a small, Apple TV-like device based on Windows 8, with the ability to stream Xbox 360 games from the cloud. However, this appears now to be completely false - a rumour likely spawned from the Xbox One's focus on TV integration.
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Xbox One vs PS4
On the first day of E3 2013, Amazon EU announced that it had taken more pre-orders for the Xbox One than the PS4. However, the figures were actually pretty close - a difference of just 2.4 per cent.
Amazon also says pre-orders for the Xbox One are already 20 per cent higher than they were before the launch of the Xbox 360 in 2005.
We'll have a better idea of which console is likely to lead the charge into the living room when we've gleaned more information at E3 2013, but looking at the specs that we already know, we've made an early comparison.