http://www.ign.com/articles/2013/05/21/xbox-720-is-called-xbox-one
The system includes 8GB of RAM, an 8-Core CPU, a 500GB hard drive, a Blu-ray drive, HDMI in and out ports, USB 3.0, 802.11n wireless, and more. It also includes a new version of the Kinect sensor. The Xbox One will not require an always-on internet connection.
Am glad they have finally adopted Blu-Ray, took long enough :)