Microsoft is busy tending to all things that are Windows 8 and Windows Phone 8; however, hidden in a secret lab somewhere is the Xbox 720 gaming console. The console is expected to hit store shelves on Dec. 2013 according to sources, perfect timing to help get the game industry business back on track.

It is not certain what would be the real name of the Xbox 720, but according to Sean Tracy from Crytek, the console is codenamed Durango, this name has also been seen on leaked pictures of the developer kit.

With the developer kit leaked, one can easily speculate that game developers are already hard at work creating games for the new console, which means that the release date shouldn't be two or three years down the line.

Rumored specifications of the Xbox 720 point to a Blu-Ray drive, 1080p 3D support for games and movies, DVR functionality, Kinect 2.0 built in, an Intel CPU, and a GPU equivalent to that of an AMD Radeon 7000. It has been conjectured that the Xbox 720 will come equipped with a solid-state drive (SSD) instead of normal hard drives; however, the speculations seem too farfetched to be believed.

Going strictly SSD with the Xbox 720 would propel the price of the console, which wouldn't bode well for Microsoft. However, what could happen is that the company could release multiple versions of the Xbox 720, one with an SSD drive and the other with an optical drive. Sony has done a similar thing with its PlayStation 3 Super Slim, and it would come as no surprise if Microsoft did the same thing with the Xbox 720.

To surmise, gamers and the industry on a whole cannot wait for the Xbox 720 to go on sale. The gaming industry needs a boost, while gamers now require something new to be excited about. While the Nintendo Wii U is schedule to hit store shelves on Nov. 18, many gamers may not be interested in the new system due to Nintendo's history of favoring children-oriented games.