Meta CEO Mark Zuckerberg has unveiled the Meta Quest 3 virtual reality headset as a successor to the Quest 2 that was released in the fall of 2020. The new device, which is expected to hit store shelves this fall, will start at $499.99 for the 128GB model. Meta also said it will offer higher storage variants for folks who want some extra space, but didn't reveal their prices or storage capacities.

The Quest 3 has a slimmer form factor than the last-gen model, and comes with the 'Meta Reality' technology that the company says will better merge the real world with the virtual one. According to Meta, the headset not only allows high-fidelity Passthrough, but also comes with AI-powered Scene Understanding and Spatial Anchors. Meta also claimed that the new device offers higher resolution and better performance than its predecessor, and said it will announce more details about it at its Connect conference on September 27.

In a press release announcing the Quest 3, Meta revealed that it will come with a Qualcomm chipset with faster performance and redesigned game controllers that could offer a more ergonomic gaming experiences. The company also revealed that the device will include a number of unique mixed reality experiences, including 'Demeo,' which allows users to play a virtual board game on their kitchen table and 'Painting VR,' which would allow you to decorate your living room with virtual art.

Meanwhile, even though the Quest 3 is expected to get all the press, Meta announced a few things for the older Quest 2 as well. Firstly, the company just reduced its price to $299.99 for the 128GB model and $349.99 for the 256GB model. Meta also said it will push out a software update for the Quest 2 and Quest Pro, improving their CPU performance by up to 26 percent and GPU performance by up to 19 percent. The change is expected to result in "smoother gameplay, a more responsive UI, and richer content on both headsets."

Meta's announcement comes just days ahead of the Apple's WWDC event, where the iPhone-maker is tipped to unveil its first-generation AR/VR headset. However, while the $500 Quest 3 is a relatively mass-market device, the Apple headset is expected to be priced upwards of $3,000, making it a super niche gadget meant only for developers and a handful of enthusiasts with deep pockets. Still, comparisons between the two are inevitable, so it will be interesting to see how they will shape up against one another.