Microsoft has unveiled what looks to be an official countdown to the announcement of its next-gen console which we'll calling the Xbox 720 for now. You can find the countdown on the official Major Nelson blog and it points to this year's E3 event on June 11th.

That's just 158 days away (at time of writing), and those days are now bound to be filled with increasingly accurate speculation on the exact nature of the new Xbox. With that in mind we thought it about time to put together this ever-evolving discussion of the best information available.

RELEASE DATE
With the announcement date now all-but confirmed, a 2013 release date looks likely for the Xbox 720. The current Xbox and the original model both launched in the US in November and based on that alone our money would be on a repeat performance; for those of us in Europe we'd expect a near-simultaneous release.

For most of the English-speaking world then you should have a shiny next-gen console in time for Christmas, presuming of course that Microsoft can manufacture enough to meet demand and that demand is going to be huge. As for rumours to support this date, well there's nothing particularly persuasive admittedly. But logic and history tells us November this year and we're sticking with that.

Current rumours confirm what we've said and seem to point to the PS4 launching in October, one month ahead of the Xbox 720. The information comes from Colin Sebastian, at Baird Equity Research, who spoke to a lot of companies at CES 2013 involved in games development and distribution. Following the event, Sebastian put together a note for investors, printed on GamesIndustry International, which outlined the company's beliefs on the next-generation consoles.

First up was that Baird also believes Sony and Microsoft to announce and demonstrated their new consoles at the E3 show.

"Given the fragile state of the console game market, we expect the E3 trade show in June will take on added significance, most likely providing the industry with the first public opportunity to examine next-generation hardware", he wrote. He also pegged the Xbox 720 launch for November.

NAME
The next-gen Xbox is almost certainly codenamed 'Durango' after a (now deleted) tweet from Crytek technical designer Sean Tracy was spotted. As for its final name that's a bit trickier, but there are a number of favourites.

Microsoft blogger MS Nerd claims that it will be called Xbox Loop, and Microsoft recently bought the URL for Xbox8.com, which could fit in with Xbox Loop or possibly Xbox Infinity. The infinity symbol makes a lot of sense to us, as it's essentially an X with added curvy bits at either end, which offers plenty of fun for the marketing and design teams at Microsoft.

Then of course there's Xbox 720, it's a logical step forward, but we can't see it personally. That said, it seems to be the handle everyone has agreed on to refer to the device to date, so we'll carry on with it for now.

PROCESSOR AND GRAPHICS
As with the PS4, the Xbox 720 looks certain to use AMD graphics hardware. VG247 reports that multiple sources have confirmed to it that the console will use two GPUs in tandem, it goes on to say that these won't be used in the usual 'CrossFire' configuration seen in PCs. We're not sure about all this as complex hardware architectures have been the failing of many consoles in the past, as a simple architecture is easier for developers to get to grips with quickly.

Other rumours have also spoken of dual graphics chips, though these may be referring to a powerful separate GPU and a smaller one integrated into the processor much like many modern laptops. This would allow for greater power efficiency (and less noise) during media playback, with the main GPU only kicking in for games.

And new console must be capable of producing 1080p and 60fps and handle the processing overheads required for 3D as well. Rumours of a 7000-series AMD GPU would certainly live up to this, and also place the Xbox 720 and PS4 on a very close footing in terms of graphical oomph, something that publishers and developers will appreciate.

It seems likely now that the production name for the new chip is Oban. Original rumours had this being developed by IBM, using PowerPC cores, but it now seems as though AMD has stepped in and will be using x86 architecture. Sebastien has also stated that the Xbox 720 will use x86 hardware.

"Our checks suggest that next-generation console hardware will be largely built from 'off the shelf' high-end PC components", he wrote.

Using off-the-shelf components should help increase output and keep the cost down. Sebastian also believes that by using standard PC architecture, Microsoft will cut down the learning curve for software developers, allowing games to be released faster. He also pointed out that for Microsoft, it should allow better integration with Windows 8.

Indeed, Microsoft has already confirmed its integration plans for PC, tablets and games consoles with Microsoft Play. Designed to extend the appeal of Xbox Live Arcade titles, Microsoft Play provides - as this demo shows - currently lets you access the games on Xbox 360, Windows Phone, Windows 8 and Windows RT devices. This multi-format support will naturally extend to the Xbox 720 when it finally launches later this year.

What we do know is that if a new console is due to be launched this year, then Microsoft would have needed to confirm the final silicon production wafers for the console by December 31st 2012. According to a report by SemiAccurate, that deadline was fixed if the company was to make its deadlines work for this year.

STORAGE AND BLU-RAY
After supporting the losing HD-DVD camp in the HD disc format war, it was surprising how little damage it did to the Xbox 360 over its lifespan. The expensive Blu-ray drive hampered adoption of the PS3 and let Microsoft lead on price. Now Blu-ray is widely used, and it has the capacity to deal with next-gen games, so it's a cert for inclusion on the new Xbox 720. We will suffer when it comes to loading times, so expect to install more games to a built-in hard disk.

Recent information would seem to confirm this, with unnamed sources speaking to specialist site The Next Xbox, stating that the next-generation Xbox 360 will include a Blu-ray drive.

However, it could be that the drive is just for games only and won't be able to play Blu-ray films. The same sources confirmed that the drive is just for storage and not for films, as Microsoft hopes to push people to its online Xbox Video streaming service instead .

As for that hard disk, we're hoping for a reasonably sized SSD both quieter and faster which would be big enough to take installs of games, but not for storing large amounts of media files. Price could be a problem here, so different options may be offered. This is all pure speculation though with no rumours either way to support the presence of an SSD.

An alternative to a removable/replaceable drive, would be memory chips soldered to the board, this would provide a basic amount of storage for every owner and be a lot cheaper than adding the interface and bay space for a removable drive.

DRM AND USED GAMES - UPDATED 26/02/2013
Publishers have been experimenting with single-use codes for some time, rewarding customers that buy their games brand new with additional content, online multiplayer and free downloads. If rumours from Edge Online are to be believed, Microsoft could be taking this a step further with the next Xbox, locking games to a single console using similar codes that would all but destroy the second-hand market.

Once activated, a new game would be tied to a specific console or Xbox Live account, effectively making the disc useless for anyone other than the original owner. Microsoft could monitor this over Xbox Live, as internet access is expected to be a requirement for the new console, rather than an optional extra.

The discs themselves may also be used to prevent piracy, using a digital watermark that would tie them to a specific console. Eidos co-founder Ian Livingston recently went on record to Destructoid, saying that "with the next Xbox, you supposedly have to have an internet connection, and the discs are watermarked, whereby once played on one console it wont play on another. So I think the generation after that will be digital-only. Although this isn't a confirmation, it's a firm nod towards what to expect from the console when it finally becomes official.

SKYPE
Microsoft bought Skype, the best-known VoIP provider, so it would make sense if the company was to use this technology in its Xbox 720. Sure enough, CVG reports that an anonymous source claims that the Xbox 720 will launch with Skype as its default communications platform in place of the standard Xbox Live chat system and Messenger service.

SPEECH RECOGNITION - UPDATED 08/02/2013

The Xbox 360 already supports voice control through the Kinnect accessory, but The Verge has suggested that the Next Xbox will go a step further, adding wake on voice, natural language controls and speech-to-text.
There's also a possibility that the next generation Kinnect sensor will be able to detect the number of people in a room based on voice, and suggest appropriate multiplayer games based on how many are looking to play.

Natural language detection, the feature used by Apple's Siri service to recognise questions, could mean gamers are able to quickly reply to messages over Xbox Live, as well as ask the console to resume playback from a particular point if you were half way through a film.

ILLUMIROOM
Rumours have pointed to the Xbox 720 using Microsoft's IllumiRoom technology, which was first demonstrated this year in a YouTube video (see below). IllumiRoom is designed to extend the gaming experience beyond the TV, using a projector to send effects outside of the TV's panel.

The full system, creates the feeling of immersion, adding extra effects that fill up the room, rather than being constrained to a single screen. If Microsoft is to introduce this technology, which is currently a proof-of-concept, then launching it with, or shortly after, the Xbox 720 makes a lot of sense.

CONTROLLERS
There's nothing wrong with the Xbox 360 controller and so we're hoping that Microsoft continues to support the current model. With Smartglass being released, Microsoft seems to set on using Apple and Android devices as additional screens, so we don't expect to see a Wii U-style tablet controller. An updated version of Kinect is also rumoured, though we can't say we're too bothered by further experiments into motion-controlled gaming.

PRICING
It's very hard to put a price on a console as the manufacturers often sell them at a loss, especially to early adopters, in order to get the ball rolling. The Xbox 720 has been rumoured as having a $299 price, but that sounds too low to us and we'd expect it to cost around 299. Of course the final price will be affected by the completion, when and for how much the PS4 launches will be a key factor in Microsoft's thinking on this.

With recent information arriving that both consoles will ship for $400 (around 250 excluding taxes), our initial guess of 299 seems to be spot on for the time being.

CONCLUSION
As you can see, information on the Xbox 720 is very thin on the ground. All this article can do is apply a little logic to the most prevalent rumours out there. We'll be updating it though as more information comes to light between now and the launch.