After much speculation, Microsoft this week finally unveiled its next-generation console, the Xbox One.

We’ll hear more details at next month’s E3 gaming conference; Redmond has scheduled a June 10 press event. But we won’t actually get our hands on the Xbox One until “later this year” – likely around the 2013 holiday shopping crush.

Still, Microsoft provided a good amount of detail about the Xbox One, topping Sony’s PS4 announcement by actually showing us what the Xbox One looks like. Here’s a rundown of what we know about the new console, so far.

What am I getting with the Xbox One? Buyers will get the new Xbox One console, a revamped controller, and an updated Kinect sensor.

I need the Kinect for the Xbox One? Yes. As we saw in yesterday’s demo, voice and gesture are a big part of the new console. “The all new Kinect is now an essential and integrated part of the platform,” according to Microsoft. Ultimately, the integration of Kinect will allow developers to create new experiences that tap into that functionality, like the Illumiroom experience Microsoft showed off recently.

What about this controller? Microsoft said it has added “more than 40 technical and design innovations” to the Xbox One controller. That includes an updated directional pad, thumb stick, an ergonomic fit, and new vibrating impulse triggers. It’ll also pair automatically with Kinect, Microsoft said.

Can I use my Xbox 360 controller with Xbox One? Doesn’t look like it. Microsoft told Polygon(Opens in a new window) that Xbox 360 controllers won’t work with the Xbox One.

Will the Xbox One be an “always-on” console? In its FAQ, Microsoft said “No, it does not have to be always connected, but Xbox One does require a connection to the Internet.” What? Basically, gamers should be able to use single-player games or watch a Blu-ray (Yes, Blu-ray!) without an Internet connection. But there’s a heavy focus on the cloud with Xbox One, allowing for synching across devices and quick access to the Internet-based services.

So I could conceivably avoid the Web altogether with Xbox One? Well, Redmond raised some eyebrows yesterday when vice president Phil Harrison told Kotaku(Opens in a new window) that even if you stuck with single-player games or Blu-ray, the Xbox One will still require you to sign in every 24 hours. Microsoft later told the blog that Harrison’s comments covered a “potential scenario,” so we’ll have to wait for more details about the log-in requirements for Xbox One.

Can I play my Xbox 360 games on the Xbox One? Nope. Games for the Xbox One will not be backwards compatible with older games. “We designed Xbox One to play an entirely new generation of games—games that are architected to take full advantage of state-of-the-art processors and the infinite power of the cloud,” Microsoft said.

So, what games will be available? Microsoft Studios, for one, promised 15 exclusive games in the first year of Xbox One, eight of which are brand-new franchises. As for the big names, expect to see EA’s sports lineup (FIFA, Madden NFL, NBA Live, and UFC), the new Call of Duty: Ghosts from Activision, as well as Assassin’s Creed IV: Black Flag and Watch Dogs from Ubisoft. For more, check out our games roundup.

How about used games? Microsoft said that Xbox One will let customers trade in and resell games. The company promised more details, but as noted by Wired(Opens in a new window), you’ll have to pay a fee if you want to install a disc on a second account and play without that disc.

Will I need a new Xbox account for the One? Microsoft said Xbox Live Gamertags, as well as Gamerscore and Achievements will carry over from the Xbox 360 to the Xbox One. Existing Xbox Live Gold memberships will also work on the new console.

What about the specs? The Xbox One includes an 8-core CPU, 8GB of system memory, and a 500GB hard disc drive. There’s also the much-requested Blu-ray drive, 802.11 wireless with Wi-Fi Direct, HDMI in/out, and USB 3.0. That includes customized AMD accelerated processor units (APUs) integrating the chip maker’s forthcoming Jaguar-class CPU cores and Radeon graphics, as well as a memory controller, video decoder, and other functionality.

How will this create a better gaming experience than the Xbox 360? According to the demos from game makers like EA and Activision, the power of the Xbox One will mean more impressive graphics – from the car tricks in Forza Motorsports 5 to the ability to knock down buildings for cover in Call of Duty: Ghosts. Activision actually showed a side-by-side comparison of COD: Ghosts and COD: Modern Warfare 3 and with a new Activision-developed engine, characters in Ghosts on Xbox One looked much more real.

What non-gaming tweaks were added to Xbox One? Microsoft talked up the Xbox One not just as a game console, but an “all-in-one entertainment system.” To that end, the Xbox One will let you switch between gaming, live TV, and music with your voice as fast as you might change a TV channel. On the TV, you don’t have to remember channels; with the revamped Guide, just tell the Xbox One you want to “watch HBO.”

So the lines between watching TV and gaming are blurred a bit, huh? Yes, with Snap Mode for Xbox One, you can do two things at once, like catch up on Mad Men on one side of the screen and surf the Web on another. For sports, fantasy stats will pop up on screen while you’re watching live games. This, of course, depends on whether or not Microsoft has secured a deal with your cable provider; Redmond said it is ” working through the many technologies and policies around the world to make live TV available where Xbox One is available.”

How much will this cost me? Microsoft hasn’t released pricing information just yet. Stay tuned.

If you have other burning questions about the Xbox One, let us know in the comments.