Microsoft has unveiled the Xbox One, pitching it as the "next generation of entertainment in the living room".
We're got all the key details here, and more pictures of the box than you comfortably require here.
But while the combination of excellent hardware, a vastly improved connect, a new gamepad and the promise of some impressive launch titles seems like it should be an easy win, the reaction has been pretty mixed online.
In fact some columnists have already labelled the launch a bit of a damp squib, pointing to the lack of stand-out new games, missing details around used games, online connectivity and piracy protection.
We've pulled together a sample of those opinions below - but let us know what you think about the launch in the comments.
"The focus on live TV, voice and Skype clearly indicates that Microsoft's aiming to computerize your living room with its game console. Will the public shine to the computer-looking box with an always-on camera? That remains to be seen."
MCV:
"Xbox One is "alive" they told us. It is a "lag-free, instant experience". It uses something called 'snap' that lets you watch TV and search the internet at the same time. An actual moment passed where an Xbox exec said that the high-end body-tracking Kinect functions were 'games and science stuff'. In the relatively dry run through some of the smart features, Xbox almost forgot to spell out its plan here."
"If Microsoft was pushing gaming to the back burner with its Xbox One announcement and potentially alienating the core audience that it's strung along for the last decade, Sony could boost its flagging image by making PS4 sound like a home for gamers who want their egos stroked."
"On the face of it, the new console looks pretty impressive. Response times and gesture control are very good indeed, the visuals are stunning, and Microsoft scored an instant win over rival Sony by actually having a working console to show off... The elephant in the room for Xbox One is price."
"The Xbox One and PlayStation 4 each represent a major leap over anything we've seen before from a home console in terms of hardware and software capabilities. With their latest and most groundbreaking products to date now unveiled, both Microsoft and Sony hope to redefine what a set-top box is capable of in the minds of consumers."