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MS and AMD has finished preliminary works on Xbox 720 CPU/APU architecture [we still dont know what exactly they are making], and they've sent final designs to be manufactured. If these wafers come out good and without bugs or yield problems, the most important part of Xbox 720 will be ready for mass production in few months. Taping process usualy lasts two months, with one additional month for detailed testing. 

LINK

This may just be a rumour, but I've been expecting MS to launch their next gen console this year, so I think this could be fairly accurate, or should I say...semi accurate! =D  ....okay.