The Xbox 720-infinity is set for release in Autumn/Fall 2013 in time for the christmas holiday. November is the most likely time, and recent information leaked from the voice actor of Soap and Cpt Price states that Call of Duty Modern Warfare 4 will be released on the latest next gen consoles.

The set retail price of the 720 including Kinect 2 based on a 4GB unit is said to be 299 dollars or 190 GBP which could mean big trouble for Sonys PS4, and Nintendo with the release of the recent Wii U being almost double that figure. This combined with the upcoming MS set top style TV see's Microsoft set to dominate the living rooms of people around the world.

The Xbox 720 is going to use the next generation of processors and graphics chips developed by IBM and ATI. This new chip called the 'Oban' will bring us a new dimension in gaming.
It will use a triple core chip and includes a Blu-Ray drive.
The rumored CPU for the Xbox 720 will be clocked at 1.6GHz, the Wii U's CPU is clocked at 1.2GHz
It is claimed it will be 7x more powerful than the xbox 360, and will be based off of microsofts vista 9 project.

Personally I'm not a fan of kinect what so ever, I'm not going to criticise Microsoft over it though as its been extremely successful and I know a lot of people (friends and family) who really enjoy it. I myself am more of a hands on gamer and much prefer picking up a controller to game.
Rumours suggest that the second version of Kinect will sit at the heart of the Xbox 720 experience. A console built around motion detection has lots of promise and it seems highly likely that this is the direction Microsoft will continue to take, after the massive push of Kinect hardware and software. Microsoft recently filed a patent relating to projecting augmented reality images onto the walls of the room you're gaming in, in an effort to more fully immerse you in the experience.
The codename for this project is 'Fortaleza' and has Kinect at its heart. It is all supposed to work with wi-fi enabled Fortaleza glasses much like Google's Project Glass glasses.
The traditional usage of multi-GPU tech is Alternate Frame Rendering (AFR) where each GPU renders a frame in turn, It's possible this simultaneous rendering of different items could be referring to using the twin GPUs to display 3D outputs where each chip is rendering a different angle of a scene to generate the 3D effect

This is extremely worrying and I would really appreciate your opinions on this matter.
Although its just a rumour at present, it has been said on various tech websites, that microsoft plan to make game sharing/trading obsolete with the new console meaning no more buying a game, playing it till completion (or until you realise you wish you had never bought it) and trading it in. The rumoured design feature is based on a "constant Internet connection" meaning once a game is played on your console, it is automatically recognised and therefore cannot be played on another console.
There have been rumours cicrulating that the new Xbox console will feature a system aimed at preventing owners playing used games. That would mean no trading-in of old titles in order to fund the purchase of new ones - a move that would not be warmly received by gamers. This doesn't mean the end of 360 games though, as it has also been stated that the 720 WILL be backwards compatible, allowing xbox 360 games to be played, but 720 games will be on a NEW GAME ONLY set up.
If this is really something they intend to do I can see the Xbox fan base depleting rapidly.