Hopefully they have a Q1 reveal event planned. Rumor is Sony is unveling the PS5 in February, the same month when they unveiled the PS4 back in 2013. Hopefully MS isn't dumb enough to repeat the mistake they made back then, where they didn't reveal XB1 until May, 3 months after PS4, allowing Sony to have 3 months where they were only next-gen system on people's mind. The idea of buying a PS4 had already ingrained itself in many a head during those 3 months. But that was just the first of many mistakes MS made with XB1 and it's reveal.
I'm not sure how much being first to reveal really matters, it's just that the X1 reveal was a complete disaster. If it had been amazing, the fact that it happened 3 months later wouldn't have hurt them at all imo.
That said, I'm all for seeing it asap if it's ready. Show me the goods.