Xbox One is the all-in-one media center that will replace basically every electronic device in your living room, Microsoft gleefully announced last month. Not mentioned: Anything about video games.

That all changed Monday at the Electronic Entertainment Expo (E3). Here is what gamers can expect from the Xbox One:

1. It's not going to be cheap
The Xbox One will set you back $499 with a controller and the new, more advanced version of Kinect. Compare that to $399, which is how much the Xbox 360 cost when it came out in 2005. That was $100 less than the Playstation 3, a price gap that helped Xbox dominate the console market.

Will recession-weary shoppers be willing to spend $500 on the Xbox One, not to mention the cost of games, when it is released in November? A lot of that will depend on how Sony prices the upcoming PS4.

2. Master Chief will be back
Fans can expect a new Halo game in 2014. Microsoft was light on the details, except that the game would be made by 343 Industries, the Microsoft-owned company that took the franchise over from Bungie to make Halo 4. Microsoft said the latest iteration would run at a speedy 60 frames a second.

3. Expect several exclusive titles
Love Call of Duty? The studio behind that game, Respawn Entertainment, is releasing a futuristic first-person shooter called Titanfall that involves blowing things up in giant mechs. Also to be released: Racing game Forza Motorsport 5; Ryse: Son of Rome, a hack-and-slash titled based in ancient Rome; and a brand-new Killer Instinct game.

4. Xbox 360 will get a makeover
Don't feel like shelling out $500? The Xbox 360 is getting a sleek new redesign and hundreds of new games. Xbox Live Gold members get the added bonus of two free games (starting with Assassin's Creed 2 and Halo 3) every month from July until the Xbox One is released in November.

5. You can pre-order it right now
No need to wait in line at Best Buy. You can pre-order the Xbox One right now and get a special controller that says "Day One," letting people know you are a person with both disposable income and very little patience.