Despite stinging criticism for announcing a console launch $100 more expensive than its direct rival, Microsoft believes Xbox One represents good value.

At E3 last week, Microsoft said Xbox One would launch at $499 this November. A few hours later, Sony unveiled its price for PlayStation 4 would be $399, a move many commentators believe has handed Sony a key advantage going into the launch period.

"[$499] is a lower number than some of the analysts had forecasted," said head of interactive entertainment Don Mattrick, in an interview with Bloomberg TV. "We're over-delivering value against other choices I think consumers can get. Any modern product you look at these days and $499 isn't a ridiculous price point. We're delivering thousands of dollars of value to people so I think they're going to love it when they use it."

When asked what Xbox One could offer to win the next generation console wars, Mattrick talked about "devices and services". He added, "We've got a bunch of unique assets, starting with Xbox Live, the largest community in the world with 46 million members, we have innovation in Xbox One with our Kinect sensor and SmartGlass two great examples. We have services like Skype and the ability to drive search and internet exploration."

Mattrick also name-checked the new Halo game as 'Halo 5'. Microsoft has yet to officially announce the new game's name. "We have a partnership with the NFL we announced and innovation with Halo, we're going to be doing both the TV series and launching Halo 5, so we've got exclusive content and a commitment to be the best."