After years of speculation, more rumors than anyone expect, and hourly leaks, Microsoft has finally revealed its upcoming console. Introducing Microsoft's entry into the next-generation of game consoles: The Xbox One. No, not the 720, or the "Infinity," or anything else. It's called the Xbox One. For an hour today, the console-maker showed off the system, revealing the specs, the features, and everything else you wanted to know.

Well, not everything. Microsoft is keeping some stuff secretive, likely in favor of a reveal at E3 2013. Some of the big questions have been answered, though, and we have all of those answers here. So, is it always-online? What does the controller look like? What games are coming out for it? We have answers to these questions and plenty of others.

Note: News is developing, so this article is in the process of being updated with information and clarifications. Also be sure to check the end for rumors about the release date, price, and more!

Sony might have revealed its next-gen hand first, but Microsoft beat it to the punch when it came to actually showing what the system looks like. The Xbox One is a sleek, black box, with plenty of vents on the sides and a remarkably clear front. You'll notice that there's no Xbox One logo, as the company has opted to simply brand it with the logo and the word "Xbox."

The back of the system? Not as pretty. In attempts to keep the front clean the back is an absolute mess of ports and spots to plug stuff in, just like a gaming PC. We counted some nine holes in the back of the console, which we suppose is better than the front of the system being covered in holes.

The Xbox One controller looks like the black version of the familiar 360 controller at first glance. But though the general form appears the same, this new controller will feature a slew of upgrades. Those improvements include a wider, more ergonomic shape, a tighter D-pad, and "impulse triggers" that could deliver haptic feedback. Everything you expect to be the same is--offset analog sticks, familiar face buttons, and that iconic Xbox emblem in the middle of the controller.

So far, Microsoft hasn't talked much about releasing different models, but it has confirmed that the basic controller will use two AA batteries. That said, there's a Micro USB port at the top of the controller, so we'd be shocked if there wasn't a rechargeable option. The Kinect will also come packed in with the Xbox One, though it's not part of the console. It now has a large green eye that will stare at you at all times, and has the ability to recognize new subtleties of your movement. Speaking of Kinect...

Microsoft emphasized during its Xbox One unveil that it's the new Kinect that will power the "lag-free" experience of the console. Kinect will recognize you, and your voice, and your expression, as you're interacting with your console. And it can do this in the dark, with up to six people. It's a massive upgrade.

Unsurprisingly, Kinect's functionality has been upgraded from the original sensor bar. The sensor records in 1080p, and has wide-view functionality. It also integrates with Skype. Microsoft also said the camera now recognizes more joint points, and is generally better at identifying what the player is doing as they stand before it. That extends to recognizing the "slight rotation of wrists and shoulders," as well as the transfer of weight from one foot to another. It can even read your heartbeat.

The Xbox One couldn't become the ultimate media machine without the hardware to support such a claim--luckily, it is. For starters, it's got 8GB of system memory (the standard for a typical gaming PC), an 8-core x86 processor (the same architecture found within the PS4), and 500GB of internal storage in addition to a Blu-ray drive.

It also comes packed with three separate operating systems: one dedicated to gaming, a kernel of Windows 8 used to power applications like Internet Explorer, and a third that will connect the two, creating seamless transition between games and other apps (or even a combination of the two via a split-screen interface).

Fun fact: Microsoft had 15,000 servers to handle the Xbox Live platform with the Xbox 360. The Xbox Live experience for Xbox One will require a tad more... 300,000 servers, to be approximate. According to Microsoft, this massive power will ensure all your content is stored in the cloud, available at any time. That means you'll be able to access your games, saves, movies, music, and more, anywhere, anytime.

That online experience will also incorporate the Xbox One's new DVR capabilities, letting players capture their game moments on the fly. This DVR function also includes undetailed editing and social sharing tools, as well. Microsoft also briefly addressed Achievements, saying that the reward system will be "dynamic and changing." Achievements will tell a "personal" story for what you've done in-game, according to Microsoft. Lastly, Microsoft said that the massive server farms will allow game developers to create large-scale, "living, persistent worlds." MMO much?

Want to play a game on the new Xbox One? You'll have to install it to the hard drive first. New games will then be tied to your Xbox Live account, meaning you can play them Steam-style without a disc in the tray afterwards. But what happens if your friends want to borrow your game? Well, that's where things get tricks. Microsoft is bouncing between a few answers now, but here's what it comes down to.

Your game is tied to your account, and anyone who uses your console can play it like normal. No tricks, it works fine. If you give a game to your friend, though, he'll need to pay a fee. Apparently, that fee is "the cost of the game." So, sounds like it kills used games, right? Not necessarily. Microsoft is hinting that you'll be able to buy and sell Xbox One games through Xbox Live, though it isn't explaining how this will work yet.

It can be a bummer to undergo a mandatory game install when the game's files dip into double GB digits. To reduce your wait time, the Xbox One will allow you to play games as they install, and they'll even update in the background without interrupting your play sessions. This means when you download Watch Dogs (which is confirmed for the One) you can start playing while it fills up your hard drive with next-gen goodness.

What's more, you can interrupt gameplay at any point without fear of losing save progress, as an auto-resume feature means you can pick your game up from wherever you left off; supposedly, you can even resume a game or movie on an entirely different console.

One of the prevailing rumors about the next Xbox was that it would have an "always online" requirement as a means of preventing piracy. Many of the gamers that reacted poorly to those rumors, but now that's been clarified... slightly. As it stands now, it might not have to always be connected, but you will need the internet to play any games.

According to reports from the Xbox One event, the system doesn't need a constant internet connection to work. However, early word has it that games need to be activated via the internet to be played, similar to Steam on the PC. It's also being reported that you'll need to jump online at least once every 24 hours. This doesn't sound as inconvenient as "always online," but the activation sounds like a hassle for those gamers that have no access to the internet, however small that group might be.

Note: This one is a little confusing, and we're trying to get clarifications as to exactly what this means.

Briefly mentioned during the Xbox Live portion of the Xbox One reveal, but the new console seems to have a feature to match the PS4's sharing capabilities. The Game DVR feature is continually recording what you're doing in your games, which you can then pull up to share your favorite moments via Xbox Live or "social networks," as Microsoft refers to them.

We're curious to see how long it records for, if it will also allow players to set-up streams, and if MS will monetize it in anyway. As it stands now, we just hope that the feature is universal for all games on the system.

100 Xbox Live friends sounded like a lot back in 2005, but that number quickly became constraining for many gamers popular enough to make over 100 online friends. Players eventually filled up their list, and have been patiently waiting for Microsoft to expand the number. That's finally going to happen on Xbox One.

MS has confirmed that the new Xbox Live will allow for up to 1000 friends. There's also been word that Live accounts on One and 360 will be able to communicate in some form, so does this mean the new 1000 limit will extend to 360's Live service as well? We sure hope so.

Modern consoles support 3D viewing, so it's no surprise that next-gen consoles--Xbox One included--will as well. A bit more interesting, though, is the fact it supports 4k resolution (3840x2160), a huge increase from today's 1080p HD standard. Of course, this won't be something that many games will take advantage of for quite some time--not until Ultra HD TVs become the in-home norm, anyway.

Even then, it's up to the developers to produce assets that take advantage of such a resolution, which not only equates to more work hours creating highly detailed textures and meshes, but also more system resources to push them out at ultra HD. Still, that's something to be excited about!

Snap Mode will be an integral function of the Xbox One, allowing instant, simultaneous use and switching of multiple apps, channels and media on the same screen. Rumors said that the next-gen Xbox would allow you to multitask, and it turns out they were right on the money.

The example used to showcase the facility showed the first Star Trek movie being watched as an in-picture Internet Explorer browser was pulled up via voice command to research the film's sequel. Motion-controlled hand gestures look to be able to quickly handle further editing of the screen display. It looks like the experience of consuming on-TV media with smartphone in hand, but without the smartphone.

We've spent approximately 3.4 billion hours hunting achievements in hopes of building the highest GamerScore ever garnered--a task in which we've failed. Still, rumors were abound prior to the Xbox One's unveiling that Achievements would undergo substantial restructuring, leaving our hard-earned GamerScore behind in the dust. Thankfully only the first half of that is true, and your points will remain intact.

Achievements on the Xbox One will be more "dynamic," according to Microsoft, meaning new ones for our favorite games can be added on-the-fly without the need for major content patches or paid DLC packs. Further, your Achievement progress in each game will now be tracked and compared to that of your friends, as well as the whole of Xbox Live.

Seems like a trend, doesn't it? Microsoft has confirmed that the Xbox One will not play Xbox 360 games, meaning you're still going to need to keep your old, dusty Xbox around if you're looking to run through Gears of War 3 again.

Well, maybe. While we know that the system won't play old games natively, there's still the option of allowing us to download them as "Xbox 360 originals" or something. That, or Microsoft could do what Sony is doing with the PS4, and putting the backwards compatibility into a streaming service.

Rumors of Microsoft going after a "connected living room experience" turned out to be true. The next-gen Xbox, called the Xbox One, will allow you to seamlessly swap between playing games and watching TV. It looks similar to what Nintendo is doing with Nintendo TVii, except it actually looks like it might work.

The interface, dubbed OneGuide, allows for quick navigation of various television services (including HBO programs and Comcast Xfinity channels) via a controller or voice-based commands. A partnership with the NFL was also announced, allowing for the streaming of football games as well as community interaction with said games. At this time we're unsure of what kind of paid models these services will require to be used, though we'll update this with more information as we find out.

The Halo universe has grown by leaps and bounds since it premiered in 2001, and while there still isn't a film coming, MS announced the next best thing. Coming in the near future, Microsoft and developer 343 Industries are creating an original series set in the Halo universe. And Steven Spielberg is involved in the live action production.

The extent of Spielberg's involvement isn't all that clear right now, but the news falls in line with old rumors that MS wanted to create original content for Xbox Live. Is this the first step of MS making the Xbox One an HBO or Netflix-like hub for original programming?

Microsoft is striving to make the Xbox One the ultimate multimedia hub in the living room. Along with streaming live television through the console, the new Xbox One Snap Mode, and improved voice commmands, it looks like you'll be able to shove your Blu-ray movies into the slot on the console as well.

Games are to be produced on Microsoft's newly adopted disc format, which comes at a bit of a surprise considering Sony is one of the owners of the tech. Back in the early Xbox 360 days, Sony pushed the Blu-ray while Microsoft fought on the side of the HD-DVD. Now it looks like the Microsoft finally caved to the Blu-ray disc. Games will be installed to the console using the discs, but now will not need to be inserted into the console when you want to access the game after the initial process.

Last time around, Xbox 360 beat PlayStation 3 out of the gate by a year. This next-gen race is going to be neck and neck (unless you're counting the Wii U, that is).

Microsoft said the Xbox One will launch worldwide in 2013--even more vague than PS4's nebulous "Holiday 2013." We'd be surprised to see it launch much earlier than October, but you never know. Odds are it will land around November, in the unofficial "this is when new consoles launch" month.

The following is all of the speculation going around the internet, but these ones may actually have some merit to them.

The price point of Microsoft’s next system has been a question mark for a while, but a recent rumor suggests the One will come with two price points: $500 and $300. But you’ll only get the next Xbox for $300 by signing up for a subscription of some kind, perhaps similar to what many phone companies do when bundling cell phones with plans.

There weren’t many more details than that--the source also apparently corroborated the always-online system requirement--but this move would make sense for Microsoft. At several Microsoft stores across the US, the company offered a $99 Xbox 360 that demanded a $14.99 a month payment plan lasting 24 months. Many believed the move was a test for similar pricing with MS’s next system, though it remains to be seen how much this theoretical subscription would cost you in the long run.

During CES 2013, Microsoft revealed Illumiroom. The new technology expands the viewing space into your entire room, supposedly creating a more immersive, interactive experience. Microsoft described the Illumiroom technology to be using a Kinect sensor in conjunction with a projector to blend the virtual and physical environments together. Now if that doesn't sound next-gen, we're not sure what will.

If Microsoft were to add the Illumiroom feature to the Xbox One, it would definitely differentiate the next-gen system from the competitors. Since it seems to be using peripherals that are rumored to already be included with the console, paying for a projector to make use of the immersive feature doesn't sound like it would be too much of a stretch. And if it performs the way it promises, being surrounded in a digital world could totally be worth the cost.

Think that's all? Then you haven't been paying attention. E3 is just around the corner, and Microsoft still has a lot to talk about.

And if you're looking for more, check out our list of every Xbox One games (we know of so far) and our predictions for Xbox One launch titles.