The next Xbox will ship to retailers in late October or early November of next year with six times the processing power of the Xbox 360, sources close to the project have told IGN.

Following initial reports from tech blogs Fudzilla and SemiAccurate, our sources have confirmed that mass production of the system's GPU will indeed begin by the end of 2012 but will not, however, be based on AMD's 7000 series Southern Islands GPU. Instead, the processor will be derived from the 6000 series, which was introduced last year. More specifically, it will be akin to the Radeon HD 6670, which offers support for DirectX11, multidisplay output, 3D and 1080p HD output. The chip currently has a market price of upwards of $79.99.




In real terms, the Xbox 720's raw graphics processing power is expected to be six times that of the Xbox 360 and will yield 20-percent greater performance than Nintendo's forthcoming console, the Wii U.

Developers are likely to receive development kits based on the system's final configuration in August. Projected pricing for the console was not provided.

Sourced from IGN.com
http://au.ign.com/articles/2012/01/24/xbox-720-will-be-six-times-as-powerful-as-current-gen

**** YEAH. Thats heaps amazing.

EDIT:
Wait halo 4 comes out a month before hand.... What the ****....

Omg yes !

so wait in 2013?

Hahaha beat me to it

BF4 at launch no doubt

Better graphics **** yeah

do you just add the chip to the xbox 360? or is it a whole new console?

games coming out before hand would most likely reschedule due to this.

Average. Graphics will be the same.

why would they name it the xbox 720 u think they really will they could xbox 360 because it all around the world a full circle is a 360

can not wait!!! woot woot woop woop!

and here comes another pile of shit

$1000+ on release ? if so i will be buying a PC.

What the ****? 6670 is hardley any better then the current generation. The Wii U will have better graphics.

hmm.

Not sure if I'm entirely excited.