Nintendo on Thursday announced plans to launch its long-awaited Wii U home video game console at a special event in New York City. The new console is coming to the U.S. on November 18, 2012 for $299, with a deluxe model also available for $349. European customers will have to wait until the end of the month before they can get their hands on one.

The $299 system comes with 8GB of storage, the GamePad controller, a sensor bar and HDMI cable. The extra $50 for the deluxe version changes the case color from white to black and also quadruples memory to 32GB.

The Wii U’s GamePad interface incorporates its own built-in screen that can augment what’s happening on a connected TV or even replace it all together (enabling harried parents to get back control of the remote from kids who want to play).

Nintendo has also taken the wraps off a new service launching with the console called “TVii” which lets Wii U users watch video streaming from Netflix, Amazon, Hulu Plus and from a connected TiVo.

The console will launch with some games, though Nintendo is staying cagey on release dates for some of the ones previewed at the event today. Publishers developing for the Wii U include Capcom, Activision and others.

Wii U is the first “next-generation” console system from a major manufacturer. Sony and Microsoft are speculated to be working on new systems to replace their PlayStation 3 and Xbox 360, respectively, but have yet to make any formal announcements.