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Confirmed at last year's event, Microsoft today officially unveiled the "Project Scorpio" upgrade for the Xbox One which will be officially titled Xbox One X! Then, when the specs were revealed, we found out it's a really workhorse of a machine.

The announcement which was made by Xbox chief Phil Spencer at a press briefing ahead of the E3 Gaming Expo in Las Vegas.

The main question surrounding the Xbox One X, however, how many titles will actually take advantage of its reported ability to push out games at a 4K resolution.

Xbox One X has 6 teraflops of computing power - 40 percent more power than any other console, according to Microsoft - and 12 GB of GDDR5 RAM.

As Microsoft revealed at its E3 event past year, the Xbox One X is designed for hardcore gamers, with a focus on VR, "true 4K gaming", and cutting-edge performance.

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Unsurprisingly, with all of that power going spare the new Xbox One X will be able to deliver full 4K content - including games.

Along with Forza 7, Microsoft made history by announcing Porsche's brand new 911 GT in real life. Xbox One X makes your existing library even better, with better textures, smoother frame rates and faster load times, even on a 1080p TV.

The Xbox One X will be out worldwide on November 7. The Australian price of the Xbox One X is $649, a price that's actually cheaper than the One X's global $US499 price point.

Another much-leaked game, Before the Storm is a three-part prequel to episodic hit Life Is Strange. The system will cost $499 to begin with, which is pretty costly for a console and likely why they didn't share it during the show. 42 games in total were announced, with 22 exclusive to Xbox. The first Xbox game that will be compatible is Crimson Skies.

Meanwhile, rival Sony has released a beefier PlayStation 4 and unlike Microsoft Sony has said all models of the PlayStation 4 combined have sold more than 60 million units world-wide to date.