However, Sony also has an upgraded PlayStation 4 on the horizon, and it's rumoured to pack a lot more power, allowing developers to deliver significantly enhanced experiences and especially improve PlayStation VR games.
Microsoft has reaffirmed a commitment to Xbox One too - confirming that the two systems will co-exist rather than battle for the limelight.
We have already witnessed with previous cross-gen games what happens when developers push the boundaries of the new hardware; people using the older hardware are stuck with god bad un-optimised auto wrecks like Shadow Of Mordor.
But what do those terms mean?
Sony is planning on releasing the PS 4K at some point in 2016 or early 2017 but the company and Yoshida are close lipped about release date details, at least so far.
The more flops your computer can process, the more polygons it can draw on the screen.
The current Xbox One has about 1.32 teraflops of power.
But do those numbers translate into better visuals?
At the end of the day, declarations of "seamless experiences" tend to fizzle down into meaningless buzzwords that don't actually mean all that much. "It's mostly just 'our numbers are bigger than your numbers!' tech marketing broadsides". The final decision is based on the team's discretion. "No single piece of info gives us the full picture". All three companies are looking to launch new hardware, and Microsoft already declared its "Project Scorpio" at E3.
That's about four times as many pixels as the previous standard.
You are a gamer and you always want to have the best out of your games. HoloLens has gone cold, but rumours of a tie-up with Oculus Rift persist, and that could tip the balance in Microsoft's favour because not only is the Rift higher spec than PSVR, but the Scorpio console houses the power to run it without the high-end gaming PC you now need.
Short for high-dynamic-range, HDR televisions can display more vibrant colours with a higher contrast than traditional screens. The company has yet to demonstrate NX or explain how it will work.
Microsoft offered a glimpse of this potential reality by unveiling the Xbox One S, a slimmer Xbox One set for release in August with an infrared blaster and support for 4K video. If you already own any of the games, or simply wish to purchase them, they will be in the Ready to Download section of My Games and Apps on the Xbox One dashboard (located to the right of the screen). It was slightly more powerful than the Xbox One, but did not take the lead against it for that reason.
What we can say, however, is that Scorpio probably isn't worth it if you don't own or plan to own a 4K TV. And just like 4K, they don't come cheap: Canadians are now looking at upward of $1,500 for a 4K TV with HDR capabilities. And unsurprisingly, perhaps, VR (virtual reality) was a key aspect of the hardware announcements at the show. We wrote about the Xbox One Elite falling in price just 4 days ago, and now regular 1TB bundles are dropping all the way down to the $220 mark. It also raises the issue of what future games are going to run like on the older hardware.
Trying out the new Sony VR headset at the E3 conference.
Should I hold out for Project Scorpio?
Finally, and it really is finally, please enjoy a video about those times when games fooled us into thinking they were over, before surprising us with a chunk more game. The PlayStation 4K is more of an update to the current PS4 than anything else, even if it comes loaded with quite a few new features.