Xbox 'Project Scorpio', for significantly improved Xbox One
Microsoft gave a sneak peek at the future of Xbox, with Project Scorpio, a significantly more powerful Xbox with almost six times the raw processing power of the current model.
Project Scorpio will be 100% compatible with all Xbox One titles and accessories, and by extension all Xbox 360 Backwards Compatible titles. It features 8 CPU cores and 6.73 Teraflops of GPU processing power, essentially eh number of calculations per second it can handle. For reference the Xbox One currently handles about 1.13 Teraflops.
The goal for this device is true 4K gaming, not using compressed textures, support high fidelity VR visuals and the latest titles at the best frame rates. Bethesda Studios were one of the first on board to announce it's newly revealed Fallout 4 VR port to be planned for the console.
"No One Gets Left Behind" - Phil Spencer, Head of Xbox
Expected to release in time for Christmas 2017, there were few details on price or how the device will look. Time will tell whether Microsoft have successful laid down the marker for Sony's project Neo to follow, or whether they have scored an own goal and cannibalized their own market - will people buy a new Xbox One or One S now if they know that the more powerful model will be available in 18 months.
[UPDATE 14. June 14:51 - Microsoft have released the Sizzle Reel for 'Project Scorpio' with several key stake holders talking up the new hardware]