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Its not gonna happen.

MS will not launch a new console until 2013, I'm absolutely sure of it. What do they have to gain by launching a new console next year? Nothing at all.

Companies are just now really pulling in big profits from development on games and hardware because prices have finally come down due to the tech not being so expensive to make since its not brand new. Why would they be in a huge rush to go build up a ton more debt launching a new console when they could push it off another year and get loads of profits?