Microsoft's E3 press conference has just happened, and we've got all the key details, including the powerful new Xbox One X, with 4K resolution gaming, featuring powerful hardware in a tiny form factor, as well as 22 games coming exclusively to Xbox.

Originally known as Project Scorpio, Microsoft kicked off with the announcement of their next generation Xbox One, the Xbox One X - which is a significant, but completely backwards compatible, evolution of the console. Wasting no time, they went right into the specifications of this 4K capable, highly powerful console; featuring 12GB of DDR5 memory, and a new GPU which has 6 teraflops of graphical performance, running at 1172MHz, more than 4.6 times more powerful than the original Xbox One, meaning the console has the ability to play games at 4K, often at 60 FPS, according to Microsoft's Phil Spencer.

The good news is, however, that there will be compatibility for games across all Xbox devices. Even better is the news that Xbox 360 and original Xbox backwards compatibility will be making it's way over to the new console too. Impressively, existing Xbox One games will look great as they are super-sampled to higher resolutions on the Xbox One X. It's also capable of playing games and movies in High Dynamic Range, if your TV supports this, as well as the ability to play 4K Blu-rays.

The new console looks very similar to the Xbox One S, but in a new Space Grey color scheme, includes an ultra powerful GPU with liquid cooling technology that comes from the Microsoft Surface line of PC's and tablets, as well as a new power management system that was so innovative, it was named after it's designer, allowing all this power to be packed into a package identically sized to the One S. In combination with Microsoft's Direct X 12 graphics API, the power savings and performance efficiency mean this console looks like it's packing huge power for the punch.

I have to admit not being too interested in the last generation of consoles, but this does look like it's promising, if the price is right - however, so far, the price has not been announced. If it is revealed during the rest of the press conference, we will update you.

UPDATE - The price has just been announced at  $499 USD, a rather impressive price for the performance.

Are you excited for the Xbox One X? Let us know in the comments!