Microsoft's Xbox One will launch in November 2013, and will cost $499 in North America, €499 in Europe and £429 in the UK.
Microsoft Game Studios' Phil Spencer announced the news just now at the company's E3 press conference, and thanked its Xbox 360 userbase and fans for sticking with them for the most part of the last generation.
The pricing mirrors that of Sony's PlayStation 3, which launched in 2007 in the UK at a similar price point. That didn't end well for the Japanese manufacturer, with Xbox 360 offering a better value proposition.
Remember the PS3 pricing anybody?