flagstaad on 13 November 2013
Looks like the situation is a little worse than expected, out of the 500GBs that comes with the console only 408 GBs are available for games/applications, the other 92 are reserved for the OS (including sharing video functionality).
Good news is not all the games use that much space and the average can be smaller, Madden requires only 15 GBs and Call of Duty actually uses 32GBs not the 49 mentioned on the back of the box.
