Tech giants Microsoft and Sony rekindled their game console war with the introduction of their latest gaming devices.

After eight years since the launch of Xbox 360, Microsoft revealed specs and features for the Xbox One today at an event in Redmond, Wash. This finally gives us a chance to directly compare the new Xbox One with the PlayStation 4.

From the initial specs released from Microsoft and Sony thus far, it would seem that from strictly a specs standpoint, the two are extremely similar, so expect the vast majority of games to look similar across the two platforms.

However, Microsoft will face stiff competition with the release of Playstation 4. Sony's upcoming next generation console is scheduled for release the holiday season of 2013.

Below is the comparison of Xbox One and PlayStation 4.

CPU - Microsoft's Xbox One is equipped with 8 Core CPU custom built by the company. PlayStation 4, on the other hand, is powered by a single-chip custom x86 AMD "Jaguar" processor, 8 cores.

Graphics Processor - Xbox One has D3D 11.1 chip with 32 MB embedded memory that will go against PS4's 1.84 TFlops, AMD Radeon Graphics Core.

RAM - Microsoft's gaming console has 8 GB DDR3, while Sony's device is equipped with 8 GB GDDR5.

Optical Drive - Both consoles will include Blu-ray/DVD combo drive.

Controller - The new Xbox Xbox One has a controller with redesigned directional pad. The upcoming PlayStation 4 has Motion-sensing six-axis, clickable touch pad, share button.

Motion Control - Xbox will have a new Microsoft-developed Kinect camera, with 250,000-pixel infrared depth sensor and 1080p camera. Sony's console will also have a PlayStation Eye dual lens 1280x800x2 camera.

Price and Availability - The price of both devices is not yet announced. Both consoles are up for grabs later this year.