Microsoft has just unveiled the third generation of its Xbox gaming console, called Xbox One, and the first game demoed on stage was the fifth installment of the Forza Motorsport franchise. The teaser trailer for Forza Motorsport 5 shown during the keynote pitted the two supercars of McLaren against each other: the original F1 and the upcoming P1.

Developed by longtime steward of the franchise, Turn 10 Studios, Forza Motorsport 5 will return to the more traditional simulation-style format of its forebears, as opposed to the open sandbox party world of the more recent Forza Horizon. The new game will be a launch title for Xbox One, so expect a release date in Q4 2013 in time for the holiday shopping season. With a built-in Blu-ray drive, 500 GB hard drive, 8 GB of RAM and 64-bit system architecture, the Xbox One should have the bits underhood to make the best-looking console racing game ever (assuming Sony doesn't move Gran Turismo 6 to its upcoming next-gen Playstation 4 console).

We're also pretty excited about the system's built-in Kinect, with a 250k pixel depth sensor. In addition to facilitating gesture- and voice-based commands for Xbox One, the sensor is said to be sensitive enough to measure human body temperature – that's as cool as it is freaky and could have interesting ramifications for hardcore racing simulations.

The Xbox One keynote presentation has just finished up, but you can view the whole thing on Xbox.com. Expect a lot more news about the system, Forza 5 and other racing titles as we get close to E3 in June.