Microsoft sticking with $500 price point for Xbox One

Microsoft's recent dramatic Xbox One policy reversal does not include the company revisiting the system's $500 price point, chief product officer Marc Whitten told sister site CNET.

He explained that Microsoft has "no plans" to lower the entry price, despite rival Sony launching the PlayStation 4 for $400.

"We are really, really excited about the value we're going to deliver on day one," Whitten said.

Whitten also explained that Microsoft has no plans to drop the Kinect requirement for the Xbox One or change its default setting from "on" to "off."

"It's part of the Xbox One architecture," Whitten said.

Responding to user concerns regarding privacy, Microsoft said earlier this month that players will be able to customize all Kinect settings and made clear that idle living room chatter is not recorded or uploaded.

Every Xbox One includes a Kinect 2.0 camera, whereas PS4 gamers will need to pay $60 to purchase a PlayStation Eye.

Under the terms of Microsoft's new Xbox One policies, players are free to trade in, lend, resell, gift, and rent disc-based games in the same way that they can today on the Xbox 360. In addition, Microsoft has done away with 24-hour Internet "check-ins" and lifted the Xbox One region lock.