Hot Chips: Xbone Silicon (5b transistors, 363mm2, 8GB Flash, 1.31TFlops, 204GB/s peak BW)

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NYCrysis said:

Is that why forza has baked lighting and no weather effects? ◔_◔

They actually talk about this later on.  Microsoft is restricted by an AMD/Intel agreement until Sept 21st or 29th (both dates are given) before it and any studio can show off what the console is truly capable of.

They're saying EA will be the first to demonstrate this, with BF4.  It's currently running on the Xbox One in 60FPS 1080p, along with improved visualizations.  Behind closed doors, CryTek showed off a more updated version of Ryse, showing off what the game is actually capable of visually as well as combat wise. 

Also, apparently Bethesda will be announcing a XB1 exclusive too.