Microsoft wrapped up its E3 conference with the announcement of Project Scorpio, a 4K- and VR-ready console.
Microsoft's Phil Spencer said that the team believes that it will be the most powerful console available when it's released late 2017. The console will be capable of natively running games in 4K and is built with high-end VR in mind. Microsoft says that it has six teraflops so that it can handle all of this. The video below has members of Microsoft highlighting its capabilities and specs.
They were careful to dismiss thoughts that this new console signals the end of the Xbox One, especially in light of the Xbox One S announcement. This generation of consoles will be compatible with one another, and all accessories will work on both.
No pricing was outlined and Holiday 2017 is about as specific a release window as we're getting for now.