With great power comes great responsibility. By that metric, Microsoft’s new video game console sure has its work cut out for it. Xbox One X—which was unveiled over the weekend at an L.A. press event—is being billed as the most powerful (and the most expensive) console in the world.

Previously known as “Project Scorpio,” the new Xbox One X will run native 4k and features the same sleek minimalist design as its predecessors. And despite impressive innards that include a six teraflop graphics processor running at 1172 Mhz, a 2.3 Ghz custom central processing unit and 12GB of GDDR5 memory, Xbox One X will be the smallest Xbox ever. In other words, this thing is an absolute powerhouse.

But don’t let its small stature full you. The Xbox One X is a beast, and at $499 it’s a total steal, too. Sure it’s pricier than its counterparts, but you’re basically getting two systems for the price of one. That’s because all of your Xbox One accessories will be compatible with Xbox One X. Your Xbox 360 and Xbox One games will not only work with the new console, but they’ll look better too, thanks to a graphics enhancing technique called “super sampling”.

But something tells us gamers won’t be too hung up on the past thanks to an impressive roster of console launch exclusives that were also announced ahead of E3. Sea of Thieves, Crackdown 3 and Forza Motorsport 7 will all debut on the Xbox One X before expanding to its rivals. Ditto for Darwin Project, State of Decay 2 and The Last Night. All in all, there will be 22 total launch exclusives. Couple that with the previously compatible titles, and gamers should have more than enough material to keep them busy while Microsoft expands its roster.

The Xbox One X hits shelves on November 7th worldwide.