According to Yusuf Mehdi, senior vice president of Microsoft's Interactive Entertainment Business, it's "smaller, sleeker, as quiet as ever and available today".
The executive also announced a new Xbox Live Gold membership initiative for new and existing subscribers.
Beginning in July and running until Xbox One's launch, XBL Gold subscribers will receive access to two free downloadable games every month. The first two titles offered will be Halo 3 and Assassin's Creed 3.
