Check out a pic of what some are calling the XBox 720, which is thought will be debuted at E3 in 2013.
Mashable states the new XBox's processors and chips are already in the hands of developers, and provided this image of "design concept of the industrial design of the box."
Meanwhile, GameZone offers up the news that some gaming companies have already begun development on next-gen games, with mention of Lionhead, Epic and EA.
There is mention the new XBox 720 could come out next year, in 2012, but 2013 seems more likely - with 2014 a possibility, as well. I suppose the XBox 360 is still good for at least another year.
Just by the look of this image, I half expect the new XBox to be some kind of bio/tech hybrid. Looks wild.
Update: It appears this image was made by designer Tai Chiem and is not legit Miscrosoft concept art. Thanks to the guys in the comments below for the info.