It’s been rumored for quite some time and now it’s finally upon us – Microsoft has just taken center stage at their pre-E3 keynote to let us know that the new Xbox 360 will feature a much smaller foot print than its predecessor, now dubbed the Xbox 360 Original.

The new Xbox 360 will have touch sensitive buttons on the front in addition to built-in 802.11n WiFi, a 250GB hard drive, HDMI and A/V out in addition to a dedicated port for their Kinect motion sensing controller.

All in all, with things like Netflix (not to mention rumors of Hulu) the new Xbox 360 should fit nicely in your home theater. Oh, did I mention it’s priced at $299 and shipping now?