Microsoft's first new Xbox in eight years was officially announced today, streaming live from Xbox.com as well as a few other sites. From all the rumored next-generation names we had heard so far, such as the 720, Durango or Infinity, the console is once-and-for-all called the Xbox One. The event today gave Microsoft a chance to finally address several other rumors about the hardware, including backwards compatibility, required constant connection to the internet and price. To no surprise, it also gave the company great opportunity to show off the console we have been anticipating since it's predecessor in 2005.

The new hardware:
This was the essential component to show off in order to express the dynamics of the One. Code-named the Durango (maybe that's why many thought it to be the console's new name), the hardware is packed with 8GB of RAM, a 3.0 USB, an 8-core CPU, 500GB of Hard drive, Gigabit Ethernet, Direct WiFi, Blu-ray, an upgraded Kinect sensor said to be unbelievably accurate, and both an HDMI input and output for TV.

Speaking of television, with the use of mobile devices for gaming and web activity, console sales have recently been faint. However, because the One has new media-streaming and entertainment features, it is hoped to be seen as a “living room staple”. Not only can you scroll through a guide similar to a cable box, it also has a set of gesture controls for handling movies or browsers.

Onto the Rumors:

Rumor number One: The One will not be backwards compatible with 360 games, nor will your Xbox live games or any other 360 dependent content be. However, that Gamerscore you have been earning sure as heck will (phew)! As mentioned above, the complexity of the new hardware simply isn't friendly with the past generation titles.

Rumor number Two: Second-hand sale of games will not be blocked. However, there will most likely be pre-owned game fees applied. What does this mean? According to Microsoft, the fee applies because users will be able to install a game from a disc onto their account that had been installed on a previous account. Additionally, once the disc is installed on the new account, it is not needed to insert the disc again.

Rumor number Three: Did the idea of the always-online component make you want to scream? Me too. Well, although you will need the ability to connect to the internet, the console will not always have to be hooked up to your internet connection. To my surprise, a Microsoft spokesperson even mentioned “We are also designing it so you can play games and watch Blu-ray movies and live TV if you lose your connection.” Hmmm, interesting.

The conversation of price did not make it to the stage today. Perhaps we will hear more about those specifics soon. After all, in about three weeks when E3 2013 hits, there will be plenty more to learn about the new Xbox One for you to make your own decision. Finally!