If you think the price of the Xbox One is too high, Microsoft's head of interactive entertainment Don Mattrick believes you're not seeing just how much value is packed into the $499 console.

"[$499] is a lower number than some of the analysts had forecasted," Mattrick told 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."

While there's no doubt the Xbox One is a powerful piece of hardware, it seems like Microsoft has been on the defensive about nearly every single aspect of its next generation console since E3. To be completely fair, when packaged with its own PlayStation Eye camera, the PlayStation 4 costs $458, however, the PS Eye isn't mandatory for use of the console. Ultimately, if you get the full PS4 package, you're only saving $41 compared to the Xbox One.

"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," Mattrick said of the console. "We have services like Skype ,and the ability to drive search and internet exploration." He also mentioned innovation in the form of Halo 5 and the the upcoming live-action series as key selling points for the next generation.

Perhaps Mattrick is right, and the price isn't as bad as people think. What do you think of the price? Are you getting a fair value, or has Microsoft over-estimated how much people are willing to pay for new consoles?