Blu-Ray doesn't "belong" to Sony.   Even if it did belong to them, Sony would be more than willing to let them add the drive to the Next Box.  

There are a lot of other companies that contributed to the development of the format.  The major ones being  Sony, Matsushita, Pioneer, Thomson, LG Electronics, Hitachi, Sharp and Samsung.  As well as numerous other companies that had a smaller part which include Microsoft.   Most of these companies own their own part of the format (meaning they get a portion of the licensing fee).  

No RROD like fiasco!! New IPs, Additional games for their current IPs and Native 1080p visuals runing at a silky smooth 60 FPS. Oh and more gorgeous graphics and Backwards compatibility for origional xbox and 360 games

What do I want the Xbox Evolution to be?

I want to get rid of slow loading optical drives, Blu Ray tops out at 36MB/Sec @ 8 speed, so no loading times and no streaming hiccups and replace that with flash media and downloads where developers can use 120MB+ per second transfer time with lower latency.

I want the console to be able to hibernate so when im finished playing a game I can turn it off, but when I turn it back on I can jump straight back into the game in under 30 seconds where I was previously.

I want the hardware to be quiet and cool with about 150W power usage from the console at launch.

I want the GPU to be something absolutely amazing, I want it to prove that the Cell is a dead end architecture and that GPUs are the true rulers of stream computing and I want it to be extremely powerful with over 2Tflops of floating point performance.

I want the system architecture to be so efficient that it makes the PC architecture look clunky and inefficient. I want the CPU/GPU to be combined on the same die so the GPU can be used how its specialised and feed back the physics/animation data back into the CPU with extremely low latency.

I want the interface method whatever they decide to use make absolute sense from the moment I pick it up, so I will know instantly that they have a winner.

I want the console itself to be simple and I want to be able to buy one for $250-$300 for the basic Arcade model.

I don't want too much.

leave the controls the same, with some minor changes

Non-proprietary hard drive
Hard drive with all SKUs
Keyboard/Mouse support
Motion Controller
Reliable hardware

reliable hardware!

free online!

without those im not 'jumping in' again

and ive been xbox the last two gens

reliable hardware,
backward compatibility,
built in wifi,
built in HDD,
web browser,
mp3 support so i can simply copy my mp3s to HDD
wider selection of exclusive games from microsoft games studios

Reliable Hardware.
Blu-ray.
Free Xbox Live.
Good line up of games.

All that and i shall be happy

For it not to be called xbox 720. 720 doesn't even make any sense.

Ugh everything you want for the 720 seems to always have to focus on 1uping the PS3. Aren't we tired of these console clones? I'd like to see somthing new and innovative for the 720 and have MS use their power and influence to get the support it deserves. 

And a bluray drive will be fine. By 2012 I bet they could slap a pretty fast one in there for fairly cheap and 1tb blurays should be coming out by then. Flash drives? 

But also this system will need to be able to play Crysis on MAXIMUM settings at 60 FPS before people would consider juming to it en mass.

I'd get one, if the price was right.