Rumours are circulating that Microsoft is set to reveal its next generation Xbox in an event in April, similar to Sony's PlayStation 4 event. We've also heard the rumour was going around at the PlayStation event itself with sources claiming a Sony executive said he had heard Microsoft would hold an event in late April.
Other sources have claimed the system is said to require games to be installed directly to the hard drive, and may ship with a Kinect sensor that has to be “plugged in and calibrated for the console to even function.”
In terms of specs the next-gen console is rumoured to ship with a 1.6GHz eight-core AMD processor, D3D11.x 800MHz graphics, 500GB of internal storage, 8GB of RAM, and is even said to support Blu-ray discs.
As always take all this with a pinch of salt as rumours are just that. If we don't see anything soon Microsoft is almost certainly going to show it off at E3.