Xbox One price: $499 in the US, £429 in the UK

Xbox One price announced
Xbox One is hitting the globe this November

The Xbox One will cost $499 in the U.S. and £429 in the U.K. (€499), Microsoft revealed at its E3 2013 press conference today.

That's rather expensive. By comparison, the Xbox 360 Premium model cost $399 in the U.S. and £279.99 in the U.K., while the less advanced "Core" version cost $299 in the U.S. and £209.99 in the U.K.

Microsoft has gone with the easier to understand, but harder to justify single model approach with the new system rather than offering multiple options with varying prices.

The real question is whether Sony will offer its PS4 at a better price. Microsoft's chief rival is expected to announce how much its console costs later today.

Early adopters, get your money ready

Microsoft also announced the Xbox One release date will happen in November of this year, launching in a total of 21 territories including the U.S. and U.K.

While it down under pricing wasn't immediately available, Aussies learned they can pick up the console for AU$599 too.

Microsoft tries to justify Xbox One price

In addition to announcing how much the Xbox One will cost in the U.S. and U.K, Microsoft demoed plenty of exclusive games, including a new Halo for Xbox One set for 2014.

On the hardware front, the company also continued to push its SmartGlass integration, which was shown off for the first time using Xbox One, and it unveiled an updated version of its old console with a slim Xbox 360 redesign.

Matt Swider