Microsoft's Don Mattrick announced the following changes on the backtracking Xbox Wire blog:

An internet connection will not be required to play offline Xbox One games.

After a one-time system set-up with a new Xbox One, you can play any disc based game without ever connecting online again.

There is no 24-hour connection requirement and you can take your Xbox One anywhere you want and play your games, just like on Xbox 360.

Trade-in, lend, resell, gift, and rent disc based games just like you do today.

There will be no limitations to using and sharing games, it will work just as it does today on Xbox 360.

In addition to buying a disc from a retailer, you can also download games from Xbox Live on day of release.

If you choose to download your games, you will be able to play them offline just like you do today.

Xbox One games will be playable on any Xbox One console -- there will be no regional restrictions.