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BasilZero said:

Honestly if they were going to announce it, they would announce it at E3, why would they announce an announcement about the next system when they can surprise everyone.

Besides the xbox360 sales would dip if an announcement and actual release date was made at this time.

Pretty much.

A pre-E3 reveal would defeat the purpose of the biggest news MS could possibly drop this year. 

Looking at how poorly the Wii performed over the holiday season, reason would stand to believe that news of the impending launch of the Wii-U had much to do with that.

While it would be highly unusual, announcing any new console 4 months before launch could arguably be the best way to preserve sales leading up. I'm sure that would end up upsetting some new owners, but then again, they'll have most likely bought their consoles for under $200 and anyone remotely interested in gaming consoles should know by now that the next generation of hardware is impending.