You can finally buy the most powerful Xbox ever made: The $500 Xbox One X

The next version of Microsoft's long running Xbox line of video game consoles is named Xbox One X. It costs $500, and launches November 7. You can pre-order one starting on Sunday.

There's even a fancy "limited edition" version of the console - dubbed the "Project Scorpio Edition," in honor of the console's original codename - that will also be available in November. All pre-ordered Xbox One X consoles are part of the "Project Scorpio Edition" production run, at least until supplies run out. Here it is:

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There are a few subtle differences in the pre-order version of the Xbox One X. "The Xbox One X Project Scorpio Edition features a custom design with the words 'Project Scorpio' printed on the console and the controller, and we've incorporated a sophisticated and dynamic graphic pattern across the exterior," corporate Vice President and Chief Marketing Officer at Xbox, Mike Nichols, said in a blog post about the console. And yes, the vertical stand is included.

To be clear, the Xbox One X isn't the next version of the Xbox line of game consoles.

It's considered part of the Xbox One platform, meaning that all games on the original Xbox One function on the Xbox One X (and vice versa). It's a more powerful iteration of an existing game console: the Xbox One. So what makes it worth $500 when a standard Xbox One - brand new - costs just $250?

For starters, it makes most games look far prettier than they already do.

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"Metro: Exodus" is gorgeous; it was showcased as a major Xbox One X 4K game during E3 2017, the game industry's annual video game trade show.

The Xbox One X is capable of powering so-called "4K" gaming - the next step up in graphical fidelity after HD - as well as 4K Blu-ray discs. It's got "six teraflops" of processing power, which means it's far more powerful than the current models of Xbox One and PlayStation 4 - even the new, more powerful PlayStation 4 Pro. It also takes advantage of HDR lighting, which makes visuals "pop"; colors are more vibrant and shadows are more detailed. You'll need a 4K TV with HDR support to take full advantage of all that power.

The console is being touted as the most powerful game console ever made, and Microsoft says it's also the smallest Xbox ever made.

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Left: Xbox One X Right: Xbox One S (the "S" model is the original Xbox One hardware in a smaller, more efficient box)

Rather than launching the Xbox One X as a successor to the original Xbox One, the Xbox One X joins the slimmer iteration of the original Xbox One (known as the Xbox One "S" - are you confused yet?) seen above.

Though games and movies will look better than ever on the Xbox One X, Microsoft has a mandate that any games on the Xbox One X must be playable on all other Xbox One consoles as well. This is part of Microsoft's ongoing push toward a unified gaming ecosystem across various Windows 10-powered devices; like millions of PCs around the world, the Xbox One and the Xbox One X are powered by Windows 10.

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"Forza Motorsport 7" is an especially attractive highlight of the Xbox One X game catalog.

Regardless of the "limited edition" console, there's something else that's important to remember here: When the console arrives this November, it's likely to be in short supply.

Rather than fighting holiday crowds at your local retailer, you can pre-order the console starting today at all the usual places: Amazon, Best Buy, GameStop, and more.

Get the latest Microsoft stock price here.