WATCH IT HERE! Tune in right here at 1 p.m. EST / 10 a.m. PST for live coverage as Microsoft unveils the new Xbox in the most highly anticipated gaming event of the year.
Microsoft is taking major strides toward the next generation of gaming with its successor to the Xbox 360. We're expecting to see new IPs, returning franchises, a new controller, and much more today at the "New Generation Revealed" event in Redmond, Washington.
Check out the live stream of the event above and follow our coverage of the proceedings below. We'll be covering the event with live commentary and pics of all the announcements that go down.
Share your impressions of the event in the comment section below.
UPDATE - Check out this summary vid of the entire conference from The Verge below:
2:04 p.m. EST: Welp, thanks for tuning in! That's a wrap.
2:01 p.m. EST: In-Game footage being shown for COD: Ghosts.
1:59 p.m. EST: Call of Duty games shown in comparison videos. Of course, Ghosts looks a million times better.
1:56 p.m. EST: New characters. They're trying to make them easier to relate to. New attack dog shown. Infinity Ward is behind it all.
1:54 p.m. EST: New Call of Duty: Ghosts content will first launch exclusively on the Xbox One. New COD engine announced.
1:52 p.m. EST: Launching in 2013.
1:50 p.m. EST: NFL on the Xbox.
1:47 p.m. EST: Live-action Halo TV show announced. Steven Spielberg is behind the project. Premium TV exclsuive.
1:44 p.m. EST: 343 Industries now out for a Halo announcement.
1:42 p.m. EST: 15 exclusives coming the first year of the Xbox One.
1:41 p.m. EST: Quantum Break being shown.
1:38 p.m. EST: Forza 5 is here.
1:35 p.m. EST: Phil Spencer takes the stage.
1:33 p.m. EST: EA Ignite features True Player Motion and more realistic crowd interaction, as well as dynamic online events. FIFA 14 Ultimate Team being shown later on down the road.
1:30 p.m. EST: EA Sports Ignite now being introduced.
1:28 p.m. EST: EA Sports takes the stage. 4 games being developed: FIFA, MADDEN, NBA LIVE, and UFC.
1:27 p.m. EST: 300,000 SERVERS FOR ONLINE GAMING ON THE XBOX ONE IN 2013!
1:26 p.m. EST: Your controller and Kinect remember you and your last saved game.
1:24 p.m. EST: D-Pad changed. Thank God!
1:23 p.m. EST: Next Kinect with every Xbox One. 2 GB of data per second.
1:21 p.m. EST: 8 GB of Ram. 8 Core CPU. And Blu-Ray.
1:19 p.m. EST: You can catch up on what your friends are watching with trending voice commands. Live TV and Skype makes life so much easier with the Xbox One.
1:17 p.m. EST: Fantasy sports leagues and ESPN!
1:16 p.m. EST: Now you can make Skype calls.
1:15 p.m. EST: Snap Mode looks incredible. Multiple programs all running at the same time. Research whatever you're watching at the same time.
1:12 p.m. EST: All you have to do is say what you want to do. The console recognizes "Watch TV." Let's see how well that works in a house full of super loud gamers who all want to use the system.
1:10 p.m. EST: Xbox "ON." No more manual logging in. It remembers what you did last.
1:08 p.m. EST: It's called the Xbox One. Nice controller, too. Kept it simple.
1:06 p.m EST: Simple, Instant, Complete. This machine should do it all.
1:04 p.m. EST: Pretty underwhelming stage, but I'm still excited.
1:02 p.m. EST: "You and your TV are going to have a relationship." Steven Spielberg approves.
1:00 p.m. EST: And here's our official Xbox representatives, folks.
12:59 p.m. EST: This music totally sounds like summer blockbuster themes, don't they?
12:48 p.m. EST: The official countdown clock has begun.
12:39 p.m. EST: This is Elton Jones, video game guru for Heavy.com. We have less than 20 minutes to see the future of Xbox. "Extremely hyped" is an understatement.