Microsoft will be having a press conference today to go over all of the new features with the next Xbox. You can watch the live event here http://www.xbox.com/en-US/hub/reveal.
Today Microsoft will be confirming the actual name of the next xbox (will it be the 720 or the Durango which is what it was called during development). We will also find out if you will always have to be connected to the internet to play games, this has been a hot topic over the last few months. One Microsoft employee was actually fired over this as he posted this information and then went on to criticize people about it.