When IGN pursued Microsoft on the topic, they were very evasive upon there answers, though the pictures of the new console look as legit as it can get. The new Xbox 360 is expected to be priced just a bit more than the current Premium Edition Xbox 360, which would disappoint the number of people who got a 360 for the holidays. Although, there isn't too much of an idea when the release actually is. One site said, "soon", but that doesn't exactly help now, does it? I do recall this is what was said about "Super Mario 128", back in the late 90's. And as Microsoft has not yet confirmed or even commented on anything asked, anything could happen.
But as it stands, the new console appears to have been already codenamed, "Zephyr". Personally, my guess would be it being named Xbox 720, but that's just my prediction. The big question on my mind right now is, if this is just a refurbished Xbox 360, then how will new games made in 1080p react under the use of the original Xbox 360? Or using composite cables, in an analog signal?
Of course, this will be one of the many topics discussed in episode 19 of GamersCast.
Below are some thumbnail images of the pictures mentioned earlier in the article. Click any of the thumbnails to expand the image in a new window.