Microsoft finally reveals its plans for the next major Xbox gaming console update on Tuesday. Most expect this will be the most significant design, component and feature transformation since Microsoft launched the Xbox 360 in 2005.

However the new Xbox looks and works, the enhancements won't be all about games. The console is already a home entertainment hub, and we expect some changes in how it works with your TV and content providers. Microsoft will also likely expand the Xbox's ability to deliver a broad range of content, including music, movies and more.

We should also get a glimpse of the latest and updated Xbox accessories, including the all-important Kinect. Its sophisticated motion-sensing technology is now a couple of years old. Expect that bar to get smaller and more powerful.

Microsoft's new Xbox reveal comes weeks before the E3 conference in Los Angeles, but months after Sony revealed its plans for PlayStation 4. Of course, "reveal" is a generous word, as the company did not actually show off the console hardware. Microsoft could choose to do the same, but, in light of the controversy Sony's decisions generated, we'll be watching Tuesday to find out how far it takes gaming into the cloud and how much love it shows for legacy games and hardware.

In addition to this live blog of the one-hour unveiling event, Microsoft has promised Mashable time to "get up close and personal with the new generation." We don't know if that means we'll get to touch the new hardware, but we do promise to report back on everything we learn. For every tantalizing detail, be sure to drop in to the live blog starting at 12:15 p.m. EDT as we run our pre-game show. The official event begins at 1 p.m. EDT.