It's here. It's alive. It's packed to the brim with features, and it's called Xbox One.
So why do we love it already? Why give you one reason when we can give you 10?
1. It's adaptive in the best way possible
Before the big reveal, we were worried that the new Xbox would be too focused on multimedia and not focused enough on the games.
While the reveal show was mainly about hardware and features, there was enough game talk to keep us happy for the time being.
Microsoft Studios announced that it has 15 exclusive titles coming to Xbox One over the next year, eight of which will be brand new franchises.
We also got a look at the range of new EA Sports titles coming out way, including Fifa 14 and Madden 14. Call of Duty: Ghosts also got its world premiere trailer, showcasing the brand new engine.
The One is certainly changing with the times, but it doesn't feel like the gamers are losing out as a result. And guess what? It doesn't require an 'always on' internet connection to play. Phew.
2. TV and film just got better
TV integration is one of the killer apps of Xbox One, and we were suitably impressed with what Microsoft had to show off at the Redmond event.
The Instant Switching feature lets you change between programmes and live TV with ease, while Snap Mode lets users run more than one service at any time. You can check your emails while watching a movie, for example.
All in all, Microsoft's new console is perfect for a generation of 'second screen' users and offers itself as the ultimate multimedia device for our living rooms.
3. Voice control
Xbox chief Don Mattrick had our attention from the moment he said "Xbox on" to power up the console, but it didn't stop there.
Voice commands can be used to navigate between TV viewing and gameplay on the console. For example, you can say "watch TV" to, yup, you guessed it.
Overall recognition has been greatly improved, while hand gestures can also be used as a form of control.
4. New Kinect
Xbox One Kinect is "rocket science-level stuff" according to Microsoft. We knew Kinect would be baked into the new console and we're impressed with how far it's evolved.
The new sensor is vastly improved with an extra wide field of vision meaning more people can get involved. The new Kinect can better analyse your body movements, picking up motion in just 13 billionths of a second, and can even detect your heartbeat.
It also has a 1080p camera to make that picture sparkle on your HD TV. Can't argue with that.
5. Exclusive content
One thing that kept coming up during game discussions was exclusive content that would be coming to Xbox One users firtst.
EA Sports announced that exclusive content for Fifa 14 will be coming to Xbox One, adding that it had formed a "special relationship" with Microsoft.
It was also announced that DLC for the upcoming Call of Duty: Ghosts will also be exclusive for Xbox One at first. These exclusive deals will be a huge pull for the hardcore gamers.
6. The controller rocks
With no console to show, the PS4 announcement was very focused on the controller, which it had a lot to say about as it turned out.
The first thing that struck us about the Xbox One controller was that it's keeping with a winning formula. Not a lot has been changed: the D-pad has been tweaked and the Xbox home button has been pushed up.
But all in all, the design holds onto all the best features of the 360 controller with just a few small changes that should make it feel even more amazing in our hands.
7. It has enough power to stand up to the PS4
8 Core CPU, 8GB RAM, 500GB HD – these specs put it in good footing for the next-gen race. Blu-ray support is another big feature we're happy to see on board too.
However, both consoles do use different types of RAM. Xbox One uses DDR3 while the PS4 uses GDDR5. This means the PS4 will have higher bandwidth when dealing with large-scale stuff, while Xbox One will be better at performing lots of smaller tasks at once.
Whether this will put Xbox One at a disadvantage remains to be seen, but we're confident right now that it's more than ready for what the next generation of gaming has in store.
8) Better Xbox Live
Microsoft say the new Xbox Live service will react dynamically to gamers as well as bringing DVR functionality that lets you record and upload in-game footage to the internet.
We also know that it will be jumping from 15,000 to 300,000 servers, which is pretty impressive if you ask us.
Another cool feature we're keen on is Trending, which will show you what's currently popular among friends and within the Xbox Live community, a little like the Wii U does.
9. Spielberg's producing a Halo show for Xbox-ers
'Nuff said really. One of the biggest surprises of the Xbox event was the announcement that a live action Halo TV series is being made, and Steven Spielberg will be producing it.
We've been waiting for a Halo movie for ages, but we'll be just as happy with a TV show. No mention of a new Halo game though, but we expect we'll hear about that at E3.
10. This is just the start
Microsoft's reveal might have been more comprehensive than Sony's, but there are still plenty of things we're yet to see.
TechRadar was promised at a special event that this is just the first part, with E3 being the second. We can't wait to see what else Microsoft has to share, especially with regards to the live TV features and Xbox Live.
Of course, we'll be at E3 to see the rest of the reveal play out, when we'll also finally see the PS4 shown in all its glory. It'll be at that moment that the next-gen console war will really kick off.