Friday's PS4 release has gamers buzzing with excitement. Still, we’ve hardly forgotten about the launch of Microsoft’s Xbox One next Friday. Before you run out to purchase Microsoft's (NASDAQ:MSFT) latest console, here are five things you need to know about the highly anticipated Xbox One.

5. Netflix and Hulu Plus will require an Xbox Live Gold subscription.

Unlike the PS4's video streaming capabilities, owners will have to pay for an Xbox Live Gold subscription to view video streaming services like Netflix or Hulu Plus on the Xbox One. But the Xbox One will also be released with an HDMI-in port, which allows players to plug in their cable box to view and find television programs through the Xbox One.

4. The Xbox One is $100 more expensive than the PS4.

For those who didn't know by now, this one’s a no-brainer. The Xbox One will be released Friday in North America, Europe and Australia and sometime in 2014 in Japan at a price of $499, which is $100 more than the $399 PS4. But that's not the full cost, unfortunately, since a subscription to Xbox Live Gold will set you back $60 per year.

3. The Kinect can place your personal facial expressions into games.

Creepy or cool? That’s for players for decide. Xbox One Games will be able to utilize Kinect to capture their body and face characteristics and dimensions and place them onto a character in an Xbox One game. Playing a sports game? You could see a doppleganger of yourself while engaging in a match in “FIFA 14.” First person shooter? Get used to seeing your pretty face in a campaign in “Call of Duty: Ghosts.”

2. You can stream your Xbox One games.

The Xbox One will allow players to stream their games or watch the games of other broadcasters through Twitch, the popular video streaming service and app that focuses mostly on e-sports and video games. The Xbox One will also automatically record the last five minutes of gameplay that users play, which they can then edit, alter and upload for other gamers to view. This capability will only be available to those who own an Xbox Live Gold account.

1. Xbox One is all about multitasking.

With the help of the new Kinect system, voice commands to Xbox One will allow users to pull up Netflix without needing to touch a single button, while also allowing users to be recognized simply by walking in front of their television sets. The Xbox One Kinect will also be released with the ability to recognize users and then pull up their personal profiles. Although some people may consider this somewhat invasive and unnecessary, this feature certainly sets it apart from the PS4.

Will you purchase an Xbox One when it sees its release date next week? Let us know in the comments below.