Today, Microsoft revealed their new console, officially called Xbox One, at a press event. The information presented is by turns illuminating and frustrating. Some basic system information has been released about the console itself: an eight-core processor with 8GB RAM, built-in Wi-Fi, a 500GB hard drive, and an integrated Kinect with a 1080p camera. The actual release date has not been announced, however, with Microsoft promising the console "later this year." More information will be revealed at E3 in a few weeks.
Correction: The Kinect is a separate unit, but the intimation is that each Xbox One will be paired with a Kinect. Further clarification on this will likely be forthcoming.