Microsoft's next-generation console will not be called Xbox 720 as previously speculated, instead the console will be named Xbox One. The device features an eight-core AMD Jaguar based processor, 8GB DDR3 memory, a 500GB HDD, a slot-loading Blu-ray drive, USB 3.0, 802.11n WiFi and HDMI in/out ports.
The Xbox One features a new controller as well as a new Kinect sensor that supports 1080p recordings at 30fps. One drawback though is that the Xbox One will not be backwards compatible with Xbox 360 or current Xbox Live Arcade games because the new console is x86-based whereas the Xbox 360 has a PowerPC-based architecture. One other interesting aspect of the Xbox One is that the console runs three operating systems simultaneously. The main operating system is a third distinct version of Windows designed specifically for the Xbox, it runs the console' interface as well as non-gaming apps from the Xbox store. When launching a game, the console will use virtualization to load a dedicated Xbox OS, and a third OS will work as a middle-man between the two other operating systems.
The software giant said the Xbox One will be available later this year.