The new Xbox 720 is set for a May 21 reveal, and according to Microsoft blogger Paul Thurrott, the console is expected to launch in November in two versions, in time for the holiday shopping.

Thurrott says a $500 will be launched along with a $299 edition that would require players to take on a two-year subscription to Xbox Live Gold.

The price of the new generation console is relatively high compared to its predecessor, the Xbox 360, that was launched for $400 in 2005.

Users will probably not be able to play second-hand games as the console is expected to require internet connection to function.

Thurrott wrote on WindowsItPro that a full line-up of launch games will be unveiled June 10 for the Xbox 720.

The Xbox 720 may run on Windows 8 so users playing games on the OS may be able to access their games on the new console.
Microsoft has been making an effort to create a unified eco-system across all its devices, such as PCs, tablets, smartphones, and now, consoles.

SPECS

The specs for the PS4 have not be finalized, an "Elemental" tech video released recently by Epic Games revealed part of their Unreal Engine 4 running on a PS4 development kit. Not surprisingly, the game looks incredibly clear, clean and already has future PS4 users drooling for more.

Sony's newest Playstation offering will be shipped with an eight-core 64-bit processor which has been based off AMD's "Jaguar" line of processor chips. Its graphics chip is derived from Radeon technology and is approximately on par with the Radeon HD 7850, a middle-of-the-pack GPU. However, 720p rendering and scaling to 1080p combined with optimization means there could be a huge leap in quality.

The PS4 also packs 8GB of RAM, a dramatic increase over the 512MB onboard in the PS3, as well as a BluRay player that is three times faster than the PS3's. The RAM is high-speed GDDR5 to maximize the system. The console's design photos have not been leaked or released yet but rumors of a price tag as high as $800 have already begun to come out regarding its base model.

Microsoft's Xbox 720 will boast 8 CPU cores running at 1.6GHz as well as a custom 800 Mhz graphics processor in its GPU. As with its competitor, the new Xbox will call upon 8GB of RAM on board. The 720 will call upon 32MB of fast-embedded SRAM and also feature a 6x BluRay drive.

The console's wireless connectivity includes both Wi-Fi and Wi-Fi Direct, and a Gigabit Ethernet port remains for gamers with low-latency multiplayer demands.

The 720 also comes with USB 3.0 and HDMI 1.4a, which supports 3D over HDMI, Ethernet, audio return channels and 4K resolution.
Rumors regarding the 720's price have not been released yet.