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I cannot confirm any of this information to be true.
NAME:The name of the Xbox has many rumors surrounding it. 720 or codename durango are probably not the name of the new console. People are saying it might be called Xbox 8 or infinity, also xbox loop all having to do with the infinity symbol. They are probably though, going to simply call it Xbox as Apple does with it's Ipod's and Ipad's as new versions come out every year.
FEATURES: The new console will have Kinect technology built in. It will have Kinect 2.0 which will be able to recognize up to four people and recognize the motion of your fingers. Hopefully it will not be racist like the old kinect which had a hard time recognizing black people. It boasts 8gigs of ram which is impressive. It will have four cores dedicated to different systems. It will have a blue ray disc reader. It will have a custom version of the HD radion 6670 which by its release will be outdated by Pc's. The new Xbox will be smaller than the old one. Upon release there will be a full version and a casual version with much less features as the price with be exorbitant. Can support 3D.It will have tech built in for the later release of augmented reality glasses. It might run Windows 8 or 9, this would explain the dorky and childish interface of windows 8 which I thought was directly inspired by the xbox interface.
RELEASE DATE: Apparently it was supposed to be released in 2012 but could not make the deadline because of manufacturing issues. This leads me to believe that it probably won't be released in 2013 either. It might be released september of 2013 or by Christmas, this makes sense because they would capitalize on the holiday season. Microsoft might release the official debut at this year's E3 but they might come up with its own release stage as Sony is rumored to have something up their sleeve.
Speculations: Microsoft pushes the Kinect down developer's throats, the new console will probably in its design encourage kinect interface in games, for better or worse. Microsoft wants the Xbox to be an entertainment hub, there will probably some sort of apps store, a better internet explorer, and much more connectivity. The xbox might not have a huge hard drive for storing memory, they probably will emphasize cloud storage. You might not be able to download games anymore they might stream them like onlive. Here's a scary thought, Microsoft might have systems in place to somehow make the used game industry defunct. This is something they have hinted at. The 360 was designed to play big open world games, the new focus are shoot em up games, I do not know what the implications would be of that.
My thoughts: The 360 can no longer compete with Pc's as it is a decade old. Since not every Pc is the same developers have to make patterns of code so that their game can run smoothly, with consoles developers know exactly what will be in the engine and can squeeze some extra juice out of the tech. So I believe the new console will be able to compete for up to 5 years with Pc's.