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Alongside the announcement of bonuses like an exclusive achievement, the One’s terms and conditions are listed and are rather alarming.
Requires broadband internet (ISP fees apply), a Microsoft account and an account on Xbox Live in an Xbox One-supported Xbox Live country/region, and 720p or higher HDMI-compatible TV. To receive live TV via broadcast or cable, supported receiver device (television tuner or cable/satellite set top box) with HDMI output and HDMI cable required (all sold separately).
Additional subscriptions, internet speed and/or requirements apply for some features.
Kinect Sensor for Xbox One (included) and periodic system software updates required for continued use; significant updates may be required during set-up and over time (ISP fees apply).
Some games not transferable and have no resale value; restrictions on games usage apply.
Games, Kinect and accessories made for Xbox 360 or original Xbox will not work with Xbox One.
Xbox One system software uses a significant amount of storage; less internal storage will be available to users. 500 GB = 500 billion bytes.
You must accept Xbox Terms of Use (including Xbox software terms and game license terms), Microsoft Services Agreement, and Xbox One 1-year limited warranty. Some games have additional license terms.
Terms include binding arbitration with class action waiver to resolve disputes.
Additional requirements will apply.

“Terms include binding arbitration with class action waiver to resolve dispute.” In other words, no more legal cases against Microsoft if Xbox live gets hacked or if the hardware suffers Red Ring of Death style issues.