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The new XBOX consoles was just announced. It will be called XBOX ONE. Here are the specs:
8 Core 64-bit CPU
8 GB RAM
500 GB HDD
USB 3.0
Wi-Fi (802.11n)
Blu-Ray Drive
HDMI In/Out

It will have Kinect as part of the main packages along with a controller. Here are some controller photos:
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The processor chip is made by AMD, it features the CPU and GPU on the same chip. It looks like Microsoft wants the new XBOX to be more than just a console, they want it to be a living room solution. It will be a media center as well. It even has built-in Skype support.

You can watch the 1 hour video of the stream here: The Xbox One Revealed - GameSpot.com
Photos and text here: http://live.polygon.com/xbox-reveal-live-blog/

So, what is everyone's thoughts on this?

Look very ugly like an 80's VCR...i will go for PS4

In my honest opinion, both look pretty crappy.

Its outlook also disappointed me. :/