In a 30-minute long show on MTV last night, Microsoft finally unveiled the much-anticipated next-generation Xbox videogame console. The console, named Xbox 360, will play a variety of media including next-generation Xbox games, music CDs, DVD movies and more, and is set to launch worldwide by the end of the year.

The console will pack a triple-core PowerPC CPU running at 3.2GHz, with each core carrying two hardware threads. Video is courtesy of a custom ATI solution offering 48 shader pipelines. By contrast, current top-of-the-line PC video cards offer 22 shader pipelines. 512MB of GDDR3 RAM, a 12x DVD drive, a removable 20GB hard-drive, 3 USB2.0 ports and Dolby Digital 5.1 support round out the hardware package.

As with the current Xbox, the Xbox 360 will be network aware, with a built-in Gigabit Ethernet port and support for 802.11a, b and g provided through an optional wireless adapter. This will enable the console to access the Xbox Live service, as well as enable its built-in Media Center Extender functionality.

Input will come courtesy of a wireless game controller loosely modeled after the existing Xbox Controller S but with some changes; the black and white buttons have been replaced with shoulder buttons, and a new ìLive Guideî button in the center of the controller allows quick access to Xbox online content and services. The wireless controller will be powered by rechargeable AA batteries, and can be recharged using an included USB cable while playing games. The console also includes a Media Center remote control, and it provides support for an iSight-like video camera, allowing for videoconferencing and motion detection.

Microsoft touts the console as being designed primarily to allow players to customize their media experiences. The console features removable faceplates that will come in a number of different designs. Owners will be able to upload CDs, videos and photos to the built-in hard drive, or stream content in from portable media players (over USB) or from their Media Center PCs (over Ethernet). In addition, the console will allow greater customization of the games themselves, thanks to an online marketplace of downloadable content including game assets (cars, tracks, levels, car parts, etc.), episodic content, game demos, music, movies and TV shows.

Microsoft also revealed details about their next-generation of Xbox Live online service. Two levels of Xbox Live service will be available; a paid Gold service which is analogous to the current Xbox Live, and a free Silver service which provides a basic suite of network services such as CD recognition, Friends management and content downloads, but will not provide online multiplayer support.

Finally, Microsoft touts the console as ushering in the ìHD eraî, and to that end, all games for the system will support (but not require) high-definition 720p 16:9 format. The system does not support a blue-laser DVD format, though it is rumored that HD-DVD support is forthcoming.

Microsoft did not announce a price or release date for the console but did confirm that it would be available worldwide before the end of the year.