Xbox One Hardware Specs

Feature	Xbox One
Optical Drive	Blu-Ray/DVD [1]
Game DVR	Yes [2]
RAM	8GB DDR3 [3]
CPU	8 Core Microsoft custom CPU [4]
Storage	500 GB Hard Drive [5]
Second Screen	SmartGlass [6]
Cloud Storage	Yes [7]
Mandatory Game Installs	Yes [8]
Required Internet Connection	Yes [9] [10]
Used Game Fee	Yes [11]
Backwards Compatibility	None [12]
Cross Game Chat	Skype [13]
Motion Control	Kinect 2
Voice Commands	Yes [14]
Subscription Service	Xbox Live [15]
USB	USB 3.0 [16]
Live Streaming	TBA
Reputation Preservation	Achievements will be ported [17]
Web Connection	Gigabit Ethernet, WiFi [18]
BlueTooth	Bluetooth 2.1 (EDR) [19]
A/V Hookups	HDMI input and output (4K support), Optical output [20]

The Xbox One is a powerful piece of hardware with 8GB RAM, 64-bit processors and plenty more muscle. But as time passes this hardware will age. As Xbox One Director of development Boyd Multerer pointed out, "You'll still have a limited number of transistors in your house; in your box."
Not much is known about the Xbox One GPU, but a Microsoft representative has told IGN "AMD is our primary partner for the custom silicon that makes up our GPU/CPU SOC that is the heart of Xbox One." [Source: IGN interview with Microsoft]
But the Xbox One is built to communicate with servers in the cloud to increase the computational potential of the system. Boyd continued "[As a developer] I can start doing things like shifting latency insensitive things to the cloud. You may have a limited number of transistors in your house, but you have an unlimited number of transistors in the cloud"
As bandwidth improves, there is potential for actual game computations to be off-loaded to servers in the cloud, essentially allowing the Xbox One to become more powerful over time as more and more transistors are connected to Microsoft's cloud infrastructure.

A view of the rear ports on the Xbox One.