The day has arrived, ladies and gentlemen, and Microsoft has unveiled their next generation Xbox console. Presenting … the XBOX ONE.

Yes, we’re not sure why that’s the title they went with, either, considering this is now the third Xbox console. We knew the Xbox 720 was unlikely, but still.

That said, it’s only a title. Instead of taking the PlayStation 4 route and not showing the console during the console reveal, Microsoft did show what the new system will look like right off the bat. They also went into great detail about what you can expect from the new system.

Continue reading to see what the Xbox One looks like, what kind of power it has, and what kind of new features it offers, complete with videos.

Microsoft has sent out a press invitation for the event many gamers have been waiting for, the official unveiling of their follow-up to the Xbox 360 console, most often referred to as the Xbox 720.

Sony recently unveiled their next-gen system, the PlayStation 4, though they did so without actually ever showing the console. Still, it was a big event with lots of games shown off, and had plenty of people talking after.

Microsoft is doing things a little differently. Instead of holding a big event during prime time hours, their event will be held at 10 a.m. on May 21st and will focus on their “vision for Xbox” and give us “a real taste of the future,” with the full lineup of games being covered during the E3 convention 19 days later.

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Curious what next generation video games will look like? It’s hard to say until we’ve seen an official demonstration of a completed game, but for now, we have ways to get an idea. The best two examples came at E3 when we saw the first footage from upcoming games Watch Dogs and Star Wars 1313—both of which are assumed to be next-gen games.

Today brings a very early next-gen demonstration peek at. It comes from Warhorse Studios, makers of Mafia and Mafia II, who are working on a medieval RPG for the consoles of the future using the CryEngine 3. It’s only an environment right now, but boy is it pretty (to us console players anyway; PC gamers will run around, beating their chests and scoffing at such cheap and cartoonish graphics). It will be very interesting to see what this game looks like when it’s released in 2014 or 2015.

You can check out the next-gen tech demo below.

Not only is this not the first time that we’ve heard rumors of Microsoft’s next generation console follow-up to the Xbox 360, known only as the Xbox 720 or code name “Durango” at the moment, but it’s not the first time we’ve heard about a possible 2013 holiday season release window.

According to sources, Microsoft is planning to release their new console come this time next year, and the company is still trying to decide whether to announce it officially at the next E3 convention, or do their own special announcement event.