We now know most of the stats for both Xbox One and PS4, so how do they compare in terms of raw power and features?
We have listed a table below courtesy of MAG which handily compiles everything known so far.
As you can see, in terms of raw power the PS4 is the most powerful console, although you could also say that was the case this generation and both consoles sales balanced out pretty evenly before the new generation was announced, with PS4 only thought to be in the lead in sales by a small margin.
That's not to say Microsoft has forgot about gamers of course, it's just that at last night's presentation it chose to focus on the non-gaming aspects, leaving the main event for E3. The company has already promised 15 exclusive games for E3, three of which we already seem to know about in Forza 5, Ryse and Quantum Break, the latter of which is from Remedy.
Sony will also be pretty strong at E3 we imagine and will at least match the number of exclusives that Microsoft has planned thanks to its large network of first party studios. We already know of Drive Club, Killzone Mercenary, Knack, inFamous Second Son and Deep Down and you can imagine that there will be a lot more on the way.
We also think that both companies have plenty more up their sleeves in terms of console specific features and then of course there will be the continued support for both PS3 and Xbox 360 - can we expect price cuts?
The next generation of consoles is looking very exciting, but the current generation is far from finished.
Console PS4 Xbox720 Optical Drive Blu-Ray/DVD Blu-Ray/DVD Game DVR Yes Yes RAM 8GB GDDR5 8GB DDR3 CPU Single-chip x86 AMD Jaguar Processor 8 cores 8 Core Microsoft Custom CPU Storage TBA 500GB HDD Web Connection Ethernet IEEE 802.11 b/g/n Ethernet WiFi Bluetooth Bluetooth 2.1 Bluetooth 2.1 (EDR) A/V Hookups HDMI Analog (Component RCA) Optical Output with 4K Support HDMI Input and Output. Optical Output with 4K Support USB USB 3.0 USB 3.0 Second Screen PS Vita/Smartphone Smart Glass Cloud Storage Yes Yes Mandatory Game Installs TBA Yes Always Online Connection No Once per day Backwards Compatibility No No Motion Control DualShock 4 & PlayStation Eye Kinect 2