@Fadetonone
Your right I shouldn't have called it official. I didn't read that first sentence carefully. But the rumor mill is certainly pointing towards 2012 for the next generation to start. I'd say Edge magazine is a reliable source.
Edit: IGN is now reporting on the story too. Xbox 720 Dev Kits Ready By Christmas.
http://xbox360.ign.com/articles/121/1212774p1.html
People are speculating the new Xbox will be available by the end of 2012.