Microsoft announces a more powerful (and VR-ready) Xbox, shows off a lot of games

Update: The press conference is over.

The biggest news: Project Scorpio was confirmed and is coming Holiday 2017. Microsoft claims it's "the most powerful console ever," capable of running game in 4K and in virtual reality. No price point was announced, but Microsoft stressed that all Xbox One games will work for both existing consoles and Project Scorpio.

Original story: Microsoft is preparing to kick off their E3 showing in LA this week with their annual press conference, where they'll show off a lot of upcoming games, almost certainly announce a new model (or two) of the Xbox One and hopefully surprise us along the way.

The event starts at 11:30 p.m. central time, and you can watch it live in the video player below.

We're all but guaranteed to see Gears of War 4, which will be the first game in the series developed by a new studio exclusively for the Xbox One. It's also about time for them to announce Forza Horizon 3, which is presumably their exclusive driving game for 2016.

It may be too early to hear much of anything about Halo 6, but we'll almost certainly get a look at Halo Wars 2.

And then there's the probably-true-but-not-official stuff we've seen from leaks. Dead Rising 4 seems like the real deal (a new, crazy zombie-slaughtering game set around Christmas time, if reports are accurate), as does a slimmed down version of he Xbox One that features a 2TB hard drive.

But will Microsoft talk about their other Xbox One, code-named Scorpio? The model said to be more powerful than the model on store shelves now? What about their rumored deal with Oculus that would potential bring virtual reality to the console?

We'll find out together when the live stream begins.