Project Scorpio is now officially 'Xbox One X,' priced at $499

At Microsoft’s E3 press conference in L.A. today, Xbox executives hyped a faster – and smaller – Xbox One console.

Microsoft’s Project Scorpio, the beefed-up successor to Xbox One, is now officially called “Xbox One X,” a liquid-cooled console that is backwards compatible with Xbox One accessories and games.

The console, said to be the smallest Xbox console to date, is set to hit shelves on November 7, in time for the holiday rush, at a price of $499. That's $100 more than PlayStation 4 Pro -- Sony's own beefed up PlayStation 4 console that launched in November last year.

Perhaps in an attempt to offset any potential sticker shock, Microsoft also revealed it'll be lowering the price of select Xbox One S bundles to $249.99 for the time being. 

Don't miss: Inside the next Xbox: Project Scorpio and its brand-new dev kit

It’s a major play for Microsoft’s Xbox games business, as it continues to compete with (and lag behind sales-wise) PlayStation's line of consoles.

Microsoft confirmed that existing Xbox One games will run better and faster on the X as well, taking advantage of 4K television sets. The company said that owners of 1080p televisions will also see noticeable increases in visual quality. (Microsoft touted highly detailed, 60 frames per second, native 4K Forza Motorsport 7.)

Microsoft focused its message largely on high-definition graphics made possible by the X, and a slew of games, including several console-exclusive (at least timed-exclusive) games such as the hit PC early access multiplayer game Playerunknown's Battlegrounds. 

Other notable appearances in Microsoft's trailer-heavy conference included new gameplay for Middle-earth: Shadow of War from Monolith Productions and Warner, Metro: Exodus from 4A Games, the spectacular-looking The Last Night from Odd Tales and Raw Fury, and BioWare's new sci-fi game, Anthem.