Over the last year, rumors about the new Xbox 360 have been spreading around the Internet like wildfire [sorry, just watched new Thrones last night]. Ever since Sony announced the Playstation 4 back in February, Microsoft fan boys have been desperate for any update regarding the new Xbox.

Good luck sorting through the bologna. Nobody even knows the name of the console. Some claim the new Xbox will be called the "Xbox 720" or the "Xbox Infinity." Some reports say the new Xbox is being designed under "Project Durango." Hopefully Microsoft will give fans specifics at their upcoming world media even in Redmond, Washington May 21. 

As for a possible release date, the new console is expected to be available around Christmas of this year. A holiday 2013 release date would be consistent with the PS4's rumored launch. Some believe the new Xbox could be out as soon as November.

As for the specs, Microsoft wants the Xbox 720 to compete with the smoothness and power of computer games. The new Xbox is predicted to use AMD graphics hardware [Radeon cards]. To give developers more freedom the Xbox 720 is also rumored to use two GPUs together. Blu-Ray, Wi-Fi, an octa-core CPU and 500 GB of storage are also likely.

While the price is relatively unknown, online blogger Paul Thurrott [who predicted the November release date] also says the Xbox 720 price would be in the $300-500 range depending on storage.

A new Xbox probably means a few feature upgrades. Could we see a Kinect 2.0? Though the original connect was fun, the motion sensor could be a little more responsive.

What have you heard about the Microsoft Xbox 720?