Xbox One -- The official name of the "Durango" project.

Known specifications:

8GB of DDR3 RAM
500GB hard drive
Custom AMD chip with 8-core CPU that is “four times quieter” than Xbox 360.
Blu-ray drive
HDMI 1.4 output
Three separate 802.11n radios.
WiFi Direct
USB 3.0
1080p and 4K supported.
7.1 surround sound
Kinect bundled with 250,000-pixel infrared depth sensor and 1080p web cam.
Will be running 3 OS's


Not much details about the CPU and GPU though.. All that was revealed was "768 GPU ops per cycle and 6 ops per cycle CPU".

XBOX ONE FEATURES

TV : Navigate and watch live TV from your cable, telco or satellite set-top box through your Xbox One. This will be available in US at launch with other regions to follow at a later date.

Xbox On: Turn on your system using the two words.

Custom-tailored Home: Dashboard contains favorite games, TV and entertainment.

Snap: Do two things at once such as multiplayer, watching a movie, talking on Skype while watching live TV, or track NFL fantasy team on TV as you watch football.

Skype: Talk with friends on your TV in HD, and hold group calls.

Trending: See what is trending within the Xbox community or with your friends.

OneGuide: Find your favorite entertainment by searching via network, name or time, all with your voice.




Games announced:

Assassin's Creed IV
Battlefield 4
Call of Duty: Ghosts (Timed exclusive DLC)
Destiny
FIFA 14 (Timed exclusive DLC)
Forza Motorsport 5
Madden 25
NBA Live 14
Quantum Break
Thief
EA Sports UFC
Watch Dogs

Updates:

Kinect need to be always connected
The console need to be online once every 24hrs
No more support for analog TV.
Games will be installed in the console and you can play it without disc
The games will be tied to the user profile
If you bought a used games or borrow a game, you need to pay extra to play it.

This post has been edited by even_steven: May 26 2013, 01:16 PM

The always online feature was dropped but kinect has to always be connected.

Yeah, it is really lame. Concentrating on stuff unnecessary for gaming. People are already ripping the console in the net.

I've corrected that. It is supposed to be Timed Exclusive DLC.