The Xbox One will cost £429 in the UK when it arrives in November, Microsoft has announced. Ouch!
The jawdropping price tag was revealed at E3, the gigantic games show in Los Angeles. The event has finished but you can read CNET's liveblog at the link below.
It's a significant hike over the US price. It's $499 there, which equals £320 -- even after you add VAT that's only £385. Hey Microsoft! Why the extra £45? Europe has it almost as bad as us, with €499 equalling £425.
I've asked Microsoft for comment and will update when it gets back to me.
As expected, Microsoft spent the vast majority of the presentation discussing the exclusive games that are coming its new console. Highlights included Metal Gear Solid (with a controllable stealth horse!), Halo 5 and Dead Rising 3.
One of the biggest cheers was earned by a remake of kitsch 90s beat em up Killer Instinct, which looked as supernaturally gorgeous as ever, but was somewhat marred by some terrible scripted joshing in the demo.
There was a nugget of good news -- Microsoft is abandoning its tiresome Microsoft Points virtual currency and quoting everything in pounds on the new system, which is much more convenient. Although no doubt that'll provide plenty of opportunity to screw us Brits even more.
The Xbox 360 isn't going away, with a new slimmer version -- still black -- "out now" apparently, although I'm unable to see it on sale anywhere. Xbox Live members will also start to get free games, like on PS3, with Halo 3 and Assassin's Creed 2 first up.
What do you think of that price? What do you think Sony will charge for the PS4? Deliver your verdict down in the comments, or over on our Facebook page.