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The live show will start on Monday, June 9th at 9:30AM PT.

It's the most wonderful time of the year! E3 2014 officially begins tomorrow when the trade show floors open up to members of the video game industry and media but today is the day the big press conferences and hence, the big announcements, beginning with Microsoft's Xbox Media Briefing.

Microsoft has been reshaping the future of the Xbox One console in response to sales numbers, the competition and feedback from the industry, surprising everyone a few weeks ago by unveiling an Xbox One console that doesn't ship with Kinect. This allows the console to retail for $400 ($100 less than before) - a price that puts it equal to rival Sony and their PlayStation 4. Major updates have tweaked the dashboard interface and added missing features like external storage.

On the new game front, Microsoft and developer 343 Industries were early to officially announce Halo 5: Guardians which will release next year, but they promise more Halo news during E3 2014. Rumors point towards an HD collection re-release of Halo 1-4 which could release this year.

Also on the games front comes Forza Horizon 2, a game that unlike Forza 5 is not only coming to Xbox One, but the aged Xbox 360 as well. Along with Halo, these flagship exclusive franchises will be joined by the latest from Fable, a pile of third-party titles (Call of Duty: Advanced Warfare) and a few surprises.

Follow along and share your thoughts with us here on Game Rant, on Facebook, G+ and Twitter!

Game Rant E3 2014 Live Coverage

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Follow Rob on Twitter @rob_keyes.