Xbox boss Phil Spencer closed out Microsoft’s E3 press briefing yesterday by officially unveiling Project Scorpio. The new console is set to release Holiday 2017 and will feature an 8-core processor, 320Gb memory bandwidth and a graphics processing unit that will come with six teraflops of performance, which will allow for uncompressed 4K gaming.

Project Scorpio will be completely backwards compatible with both Xbox One and Xbox One S. All games and peripherals for Xbox will work with all three consoles.

On the subject of 4K gaming, one developer in the promo video that ran for Project Scorpio declared “they’re really going for it.”

VR was also mentioned several times during the last part of the Xbox press conference, both by Spencer and by Fallout director Todd Howard, though no VR solution or headset was presented at the briefing itself.

Howard talking about Fallout 4 coming to VR on Xbox was interesting, as this was announced yesterday as being exclusive to the HTC Vive headset, which means that there may potentially be Vive support for Project Scorpio in the offing.

Microsoft also announced the Xbox One S – a slim version of the Xbox One that is 40% smaller than the current unit. There will be three different SKU’s available for Xbox One S – a 500Gb model for $300, a 1TB model for $350 and a 2TB model for $400. Xbox One S will also come with a new, slightly redesigned controller, and will support 4K media.