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Two new job postings indicate possible new studios.

Microsoft’s Interactive Entertainment Business and Microsoft Studios is driving entertainment industry wide change with Kinect for Xbox 360, our LIVE services and games, Windows gaming, and mobile gaming. Microsoft Studios (formerly MGS) is looking for a seasoned human resource professional to serve as a Human Resource Business Partner (HRBP) in support of two of our key internal studios, 343 Industries (responsible for the Halo gaming franchise) and Platform Next Studios (pioneering experiences on Kinect).

https://careers.microsoft.com/jobdetails.aspx?jid=65895

Level Designer-IEB-Microsoft Studios-LEAP Now our incubation team is ready to change the world again, but we need your help! You will communicate and collaborate well with a highly creative development team. You are adaptive in your thinking and in your ability to pick up new tools and techniques.

https://careers.microsoft.com/jobdetails.aspx?jid=71910

Looks like they want to begin next gen with a bang.