Get ready to plunk down some serious change if you want the new Xbox One.

The all-in-on e entertainment solution the company is touting will cost $499 and is set for November release in 21 markets it was revealed Monday at a press conference/gala at the University of Southern California’s Galen Center.

The  500 GB powerhouse features a Blu-Ray player, built in Wi-Fi and a Kinect sensor. The main thing it’s expected to do well is showcase games, lots of them, in spectacular fashion.

The historical third-person game “Ryse: Son of Rome,” the hard-fighting “Killer Instinct,” a larger version of  “Minecraft,” the terra-forming simulator “Project Spark” and an updated installment of the sci-fi shooter series “Halo.” are among the offerings set to go.

Many gamers are also excited about what the console’s cloud computing capabilities bring into play with the second edition of the zombie fighting “Dead Rising 3″ and the lighter toned”Sunset Overdrive.” The racing simulator “Forza MotorSport 5” offers “drivatar,” which copies players’ driving styles and allows for offline competing.

“There’s ability to put things in the cloud that you want to have computed, so you can take some of the computing capability that you might require locally — or used to require locally — and then have CPUs in the cloud that actually do some background work for the game,” explained Phil Spencer, Microsoft Studios’ vice president. “You’re actually augmenting the power of the box that’s sitting right in your living room … for people who are in a completely disconnected state, I think (Xbox) 360 is definitely a great content base for them and a great console, and we’ll continue to invest in that.”

Microsoft actually opened up the presentation by discussing the makeover the Xbox 360 will receive, talking up its smaller, sleeker and quieter design. Unlike the Xbox One, the updated Xbox 360 will be available immediately.

The company can feel comfortable still chatting up the Xbox 360, as it has sold more than 76 million of the consoles in its eight years of existence. The high-definition successor to the Xbox has outsold competitors like Wii and PlayStation 3, which is likely why Microsoft is still creating ‘hundreds of new games’ for it.

Unlike its successor, Xbox 360 doesn’t have to be connected to the internet every 24 hours to operate. Actually, the ideal state for Xbox One is to be connected to the internet 24/7 in order to work most optimally, which will take getting used to for some users.