E3 tends to be used more for the full reveals of consoles rather than announcing them and I think that's because developers like to get people's attention with an announcement beforehand so that more eyes are glued to the E3 reveal. That's my take, in any case, but I'm sure there's a more business oriented reason than that.

I think we'll see it shortly before E3

As long as it doesn't have Kinect, or motion controlls. I hate motion controls, that's why I hated the Wii.
Just give me my damn 360 controller, damn it!

Can't wait, I'm sure kinect will be implemented somehow, so I'm hoping they improve the damn thing

Supposedly the 360 was announced in May, teased in March and launched in November, so maybe Microsoft might get the 720 or whatever you call it ready for Novemebr as well.

Not sure if this is legit:

I have been informed that we will see Nextbox before CES. IN PRIVATE

Or let me say it this way. The person who informed me of the other announcements that I posted about right before they happened, these last few weeks, said so. He has been right on to the day the last 5-6 times and back with the 360 as well.

http://www.neogaf.com/forum/showpost.php?p=46046377&postcount=1070

so we'll already know about the consoles before E3 than. that probably does bring more hype as everyone will know they will actually see the console for the first time at E3! exciting. hopefully both sony and microsoft and not just one of them.

Yeah, I'm hoping to see both as well. It sure would make this E3 super exciting to follow.

Rumour has it Killer Instinct IS coming!

"And its on" was used at the 360 reveal at E3 2005 - Skip to 07:40