Here is what we know so far from Tuesday's reveal.
The unit comes with a non upgradeable 500GB Hard Drive, though an external drive can be used also.
No confirmation of an always on "internet connection" required. Though to play games it looks as though an internet connection will be required.
Games costing £10 more than the current Gen in the UK
Games can be played on more than one console, though there will be a cost incurred, details still sketchy on this one.
The console looks fugly.
Games revealed include Forza Motorsport 5, Call of Duty Ghosts and a multitude of EA Sports titles. No gameplay footage all mock-up videos shown.
RRP in the UK seems to be around £399.99 though this price may change.
8GB of System RAM confirmed
Kinect Upgrade confirmed
No backwards compatibility with previous generation titles confirmed
Controller has 40 improvements, though looks a bit bigger and chunkier.
Second hand market is catered for though no real details provided. It may be that Microsoft has sewn up this area of the market as well with specific traders having the ability to trade second hand games or the ability to use an online service (run by Microsoft) for the trade.
Xbox live service will have 300,000 servers running the whole platform compared to 15,000 servers for the current platform.
Your current Xbox Live account will work with the new console.
Your gamerscore, points and friends list will all be accessible.
Console remembers your last session, so that you can pick up on a game / movie or TV programme with very little load time.
TV connectivity not clarified for UK market, though general concesus is that it will not be available at launch.
Are you still interested?
Come read my review today
The new fandabidosi XBOX 360 console that comes with 4GB of memory is unable to play the co-op part of the new Halo: Reach game.
For that owners will need to buy the much pricey additional hard disk.
I find it hard to understand why someone would want the 4GB model that comes with no hard drive or even why Microsoft would attempt to sell such an item.
If you have purchased one, then please let us know what made you make the decision and are you happy with the purchase?