Who are they? Microsoft has no real internal developers and if the kits will only be available to distribute till "later this year", what are they going to show? Pre-rendered "target videos" like Sony did a few years ago. I can see Epic showing a demo of how Unreal engine 4 can look like, but nothing real.

If they continue on the actual route they will show Kinect 2.0 (that can come incluede with the console) with twice the resolution of the cameras, 4 player support and an internal processor (to avoid lag).

It will be similar to the Wii U announcement boring, Nintendo focused in its controller because is what makes it different the same will happen with Microsoft, and a lot of people will be disappointed.

2014 for both PS 4 and Xbox 720/loop -if that ends up being the name I would be laughing though

Microsoft project code names are picked by the program manager/team and they are typically based on geographic locations, scientific phenomenon, taxonomy, Greek/Roman gods or historical figures.  There are exceptions, but most of the exceptions have no reference to the actual product or it's purpose.

If the Xbox 360 project name was based on a chemical, my guess is that the next project would use a similar name.  In 30 years Microsoft hasn't diverted from it's MO in naming conventions.  I doubt it'll happen with the next Xbox. 

Having said this, I highly doubt Loop or Infinity are project names due to the fact that they refer back to the Xbox 360.  Where as it may make sense to the average person, it doesn't follow suit with conventional wisdom regarding project names coming from Microsoft.  As well, it'll likely never be Xbox 720.  Internal, external, public beta, etc., Microsoft won't adopt the name Xbox 720.  The fact that it allowed it to be used (Xbox is a trademarked name and cannot be used without permission) in a major motion picture, means Microsoft isn't using it.  Microsoft won't stop people using it, cause it doesn't care.  It ain't using it.  Figure out the real name, when Microsoft decides on it, and they will shut you down with a cease and desist order if you publish it on the Web.  But use the name Xbox 720 all you want, just make sure it's Xbox or XBOX, not X-Box or XBox.

The GPU in the Xbox 360 wasn't released as a commercial product until a year later. 

If Microsoft decided to use an HD7000 series GPU cost savings would come from it being integrated in a SOC.  AMD wouldn't be supplying a chip, they'd be supplying the die, which would be integrated with memory and the CPU/Cores.  At least based on this rumor.

Actually, the 360 was not presented to the public a year before it launched.  Remember, it was debuted at that lame MTV event in 2005 a month or so before E3, and then launched later that same year. 

Nintendo only showed the Wii's console casing at E3 '05 (not even the controller was shown yet), while Sony showed off target videos (along with the console and that horrible boomerang controller prototype).  Neither had any playable games demoed at E3 until 2006, the year they released.

Wii U, however, did have a somewhat extensive showing last E3, a year before its launch.  But the Wii's momentum for 2011 was dwindling badly whereas 360's momentum for 2012 is terrific (Halo 4, price drop, GTA, Bioshock, new COD, etc).  Other than a quick mention and maybe a couple of target videos, I seriously doubt they'll have anything substantial on the Nextbox this E3.