Chances are if you didn't live without a TV in your home, that you have played a one or several of the video game consoles that have had a given place in living rooms everywhere. What is more, chances are it has been one of the Microsoft Xbox or Sony PlayStation varieties.

This year, the two mega-corporations are releasing the latest device they hope shall keep us nailed to TV-screens till the early a.m., as any hope for at least a little sleep before Monday morning cruelly wanes away.

Microsoft first got into the video game race in 2001, when they released the Xbox, bigger and meaner than any of the other consoles at the time. In 2006 they released the Xbox 360 which built on the success of the former, and actually became the de facto best-seller of the previous generation of gaming consoles.

Sony on the other hand has a bit more skin in the game. Starting out in 1994 with the original PlayStation, or PSX, the company went on to remarkable success with a console that beat out all competition. They eventually forced, SEGA out of the business altogether with the 2000 PlayStation 2, which went on to become the best-selling video game console to date, topping 150 million devices after more than 10 years on the market.

Sony lost a bit of steam with its PlayStation 3 however, which was cleverly out-maneuvered by Microsoft's Xbox 360. Despite strong sales, Microsoft's platform has become a big favorite among gamers, especially due to some of its exclusive titles as well as the best-to-date online service, Xbox Live.

Xbox Live has perhaps been the key element of Microsoft's gaming success, having been introduced as an integral part of the original Xbox, while Sony was late to catch on to the online gaming experience. Even offering a sub-par experience on the PlayStation 3, which - to the company's credit - however has improved dramatically after years of system updates. Unfortunately, the premium business model of Xbox Live has allowed Microsoft and its game developers much needed freedom in improving the online service.

Entering 2013, the Internet is an even more integral part of people's lives. When it comes to gaming it is no different, and a big chunk of a company's success in game console manufacturing will likely boil down to how they tackle the online experience, and make it as enjoyable as possible.

This is also where Microsoft recently committed the ultimate faux pas. Most likely due to an over-eagerness to improve on its live experience, Microsoft erected a number of conditions for the use of its console which were met with outrage, and alienated a big part of Microsoft's Xbox gaming community who found the conditions unreasonable.

Microsoft had stated that the device needed to be connected to the Internet 24/7, with an automatic online check-in every 24 hours, regardless if the console was in use or not. In addition, the company stipulated that customers could neither share no resell used games.

In a face-saving move, most likely in order to avoid complete devastation of sales, Microsoft last week went out with an announcement that it had listened to its gaming community, and would not require any Xbox One user to go online anytime, apart from when initially setting up the console. The company also added that games would continue to be free to manage as customers see fit, whether for resale or sharing among friends.

Release drama aside, with the two consoles almost back to square one, what remains to be told? In order to provide an easy overview, we have provided a simple chart to take a look at all the specs known to date: