Gamers around the world have the biggest virtual hard-on ever today. After the endless speculation, rumors, guesses, and just plain wild stabs in the dark about the next generation of video game consoles finally came to an end today. Microsoft officially pulled back the curtain to introduce the world to their newest console... The Xbox One.

One of the new device's most striking features is the ability to run multiple apps at once — and to split a TV screen into different tasks. That means Xbox One owners will be able to watch live TV, while taking part in a Skype video chat, or surfing the web. And many of those tasks can be accomplished by using either hand gestures or voice commands.

Many details emerged in a rush about the new console, which has 8 gigabytes of RAM and a 500 GB hard drive, after Microsoft executive Don Mattrick unveiled the Xbox One in Redmond, Wash., Tuesday.

But Microsoft has not provided two other tidbits of information: when the Xbox One will launch, and how much it will cost. More information is expected next month.