UPDATE: Holy crap, Microsoft just announced another new Xbox One console at its E3 press conference in a massive Steve Jobs-esque “Just one more thing” reveal.

That “Project Scorpio” thing that’s been kicking around the internet is indeed a new Xbox One, but not the Xbox One S, the slimmer, more powerful version of Microsoft’s currently available console. Instead, it’s a new, much more powerful console—the most powerful console ever made, according to Microsoft. And it’s not due out for more than a year.

Microsoft’s press release says that Scorpio will come “with 6 teraflops of GPU delivering a premier console gaming experience including true 4K gaming and high-fidelity virtual reality.” So it’ll be a big deal, and Microsoft expects you to buy a new Xbox One for the best gaming experience, even though its current Xbox One is only three years old. That said, Microsoft insists all Xbox One games and accessories will be compatible with the new machine, so at least none of us dummies who sprung for an Xbox One closer to its launch will need to rebuy our old games, too.

The mention of virtual reality probably reveals Scorpio’s true purpose: The current generation of game consoles just isn’t powerful enough to offer high-quality VR. Playstation VR, for instance, has a pretty low frame rate compared to Oculus Rift or HTC Vive on PC, and the lower the frame rate in VR, the easier it is to get motion sick. Sounds like Microsoft is laying the groundwork for a virtual reality offering in the future, or at least a way to further its partnership with Oculus. But it does seem like getting players to dish out for another new Xbox One is going to be a bit of a hard sell.

Clearly, though, Microsoft means to offer players a ton of options: the original Xbox One, the Xbox One S, and Scorpio, plus the ability to play basically every upcoming Xbox One game on Windows 10. It might sound more expensive, but at least there are some options.

Original story below:

Rumors and leaks have been flying that Microsoft and Sony mean to push new versions of their current-generation consoles, and the Xbox maker wasted zero time in announcing a new machine at E3 2016 this year: the Xbox One S.

The biggest change in the new console is the support of 4K Ultra HD resolutions and HDR. If you’re thinking about getting a 4K Blu-Ray player, the good news is that the Xbox One S has one built in. It’s also getting a controller update.

The Verge has a bunch of extra details on the new console. The Xbox One S is smaller, slimmer, and whiter than the Xbox One. Like 40 percent smaller and 100 percent whiter. It’s also missing that big electrical transformer present on the Xbox One’s power supply, and can stand vertically or horizontally.

Microsoft also showed off the “Xbox Play Anywhere” icon that denotes when games can be played on either Xbox One or Windows 10, which means you buy one copy and can play it on either platform, something it supported for the release of its video game-TV show hybrid Quantum Break earlier this year. It also noted that Gears of War 4 supports cooperative play between both platforms. That means you can team up with your PC buddies even when playing on console.

You’ll be able to snag a new Xbox One, should you want one, later this summer. There’s a launch edition coming in August that’ll include a 2 terabyte hard drive, and run you $399. After that, you’ll be able to get a 500-gigabyte version for $299, or a 1TB version for $349.