We report the first photoemission study of Fe1+xTe-the host compound of the newly discovered iron-chalcogenide superconductors (maximum Tc approximately 27 K). Our results reveal a pair of nearly electron-hole compensated Fermi pockets, strong Fermi velocity renormalization, and an absence of a spin-density-wave gap. A shadow hole pocket is observed at the "X" point of the Brillouin zone which is consistent with a long-range ordered magnetostructural ground state. No signature of Fermi surface nesting instability associated with Q=(pi/2,pi/2) is observed. Our results collectively reveal that the Fe1+xTe series is different from the undoped phases of the high Tc pnictides and likely harbor an unusual mechanism for superconductivity and magnetic order.