The next generation of consoles is slowly creeping up on us like a thief in the night, and excitement levels are reaching a new all-time high. Reports are streaming in about Microsoft plans to launch its next generation Xbox gaming console in time for the holidays in 2013. The device, which is dubbed as "Xbox 720," has been published in a developer contract between Activision Blizzard, and Halo developer Bungie.

Bungie is said to be working on a Massive Multiplayer First Person Shooter called Destiny. The game is expected to launch alongside the Xbox 720 when the console goes on sale in 2013. The game, which will have a science fiction theme, is expected to be released both on the current Xbox 360 and the Xbox 720. Some might see Destiny as an answer to Sony's own Massive Multiplayer Shooter, Planetside 2, which is aiming for a late 2012 or early 2013 release. If the first Destiny is successful, there will be an additional 3 titles to turn the game into a series. Since it is a Massive Multiplayer shooter, there probably won't be a yearly release, which means this series could take years to meet its end.

Future PlayStation 4 gamers need not worry; Destiny is destined to become a PS4 title, however, not until 2014, a year after releasing on the Xbox 720. Since the game will also make it to the Xbox 360, we're not sure if the same applies for the PS3, or Bungie will focus its efforts on a single PlayStation console.

Activision Blizzard also have a few games in the pipeline for the Xbox 720, though no word on what the game is called and when gamers can get their sweaty little palms on it. One thing is for sure, Call of Duty is one of them, as we expect Activision Blizzard to continue its yearly release of the franchise.