UPDATE (12/11/15): As promised, the New Xbox One Experience is now rolling out worldwide, although it won't hit every console at once. It should be available for everyone by the end of the day, however.
If you keep your Xbox One in the instant-on power mode, the update will download automatically. Otherwise, you'll need to enter the System part of the Settings menu to check for availability. Early reviews of the Windows 10-based interface suggest it's much faster than the previous Xbox One menu system, and it'll be a sight for sore eyes for anyone who hated the chunky boxes from before.
Of course, one of the biggest additions is Xbox 360 backwards compatibility, and 104 games are playable now, with a full list available here. More will be added starting in December, with favourites like Call of Duty: Black Ops, BioShock Infinite, and Halo Reach all promised at some point.
ORIGINAL STORY (27/10/15): After two years on the market, the Xbox One is about to get a massive refresh. The New Xbox One Experience, as Microsoft calls it, brings the power of Window 10 with a brand new interface.
And it'll release on 12 November, Xbox head Phil Spencer just revealed on a livestream. Just as Windows 10 on PC eschewed some of the less-loved visual elements of Windows 8, the New Xbox Experience does the very same thing by delivering much friendlier menu navigation. No longer bound to rigid boxes alone, the new interface seems to pack in more at-a-glance information.
The new guide offers quicker access to notifications, messages, and friends, while the easier-to-access Game Hubs have been refreshed, and the new Community section brings back Avatars and implements a handy new Activity Feed. All told, it really is a new Xbox One experience - and we're looking forward to getting a closer look. You can find an extensive walkthrough of the preview version below.
And there's one other huge perk to the update: Xbox 360 backwards compatibility, which means that select last-gen games will work on the current console. Both discs and digital games will function, with more than 100 games planned to be compatible this autumn.
Heavy-hitters like Mass Effect, Halo: Reach, all the old Gears of War games, and Burnout Paradise lead the list. With luck, the selection will expand significantly into next year, but the initial list has some pretty promising entries. Dust off those old games, Xbox One fans: 12 November is just around the corner.