With their press conference at the 2010 E3 show in L.A., Microsoft released their long rumored answer to Sony’s Playstation Slim redesign: a considerably less portly version of their own console, with a dash of rebranding in preparation for the launch of Kinect in November.

Microsoft boasts that the black console is 15% smaller than the original, shedding at least 2lbs and 2 inches from its bulk, making it smaller than even their competitor’s unit. However, despite losing all that weight, the system now boasts a swappable 250 GB internal hard disc drive and Wi-Fi built-in as standard. Both the power and DVD tray buttons have been replaced with touch sensitive switches, which seems a bit counter-productive with the new gloss finish, but it’s all in the name of a “premium” feel.

Connectivity also saw some spring-cleaning: an extra port has been introduced for communicating with and powering their Kinect device, and a new S/PDIF optical audio connector were added. But notably missing are the two openings for their proprietary memory units, removed in favor of an extra USB input on the rear of the console (support for USB thumb drives was added back in April).

On whether we’ll see the infamous Red Ring of Death or not, Microsoft says no: they claim to have addressed complaints of noise, heat and failure rates that tarnished the previous console’s reputation. The two internal fans have been replaced by one larger, slower moving fan to reduce noise, and the system itself has been made much less power-hungry. In fact, to make sure we never see it again, the error notifications displayed by the ring of lights has been altered too. To what? Well, Microsoft is confident that we won’t need to know.

As a compliment to the “premium” makeover, peripherals are also getting a new look: wireless headsets and chatpads will now be available in black, (giving those of use who still have their Elites a little more coordination finally) and the guide button on all pads will now have a chromed finish.

The new unit will cost $299.99, with all old models dropping in price by about $50.