Microsoft showed off a video in which a number of developers touted the console's massive power -- it'll feature "true" 4K resolution, 6 teraflops of GPU power and will run at 60Hz. It'll of course be VR-ready, and Bethesda noted it'll run Fallout 4 in VR, as announced last night. While Microsoft didn't mention Oculus by name, the two companies have a partnership that was announced at last year's E3. So it seems highly likely that the Rift will be the headset of choice for Project Scorpio.
Phil Spencer alluded to such a development earlier this year, saying that he envisioned a future in which your game library stayed with you and in which consoles were upgraded faster in a more PC-like fashion.
Naturally, there's no word on price yet, and we're guessing Project Scorpio won't be the console's launch name. But Microsoft's biggest fans clearly have a lot to look forward to in the coming year or so -- the big question for those who don't own an Xbox will be whether to buy a Xbox One S, or wait until next year for Project Scorpio. But at least if you buy the One S, all your games will work if you upgrade to Scorpio.
