Since the beginning of 2013, rumors of Microsoft's next generation console, the Xbox 720, have been a topic of great discussion. However, despite all the rumors — many painting the console as the evil witch of the wild — Microsoft managed to stay silent on the matter. But that all changed, since the software maker has invited the press to a Xbox conference at Redmond, where the company will reveal an all-new system to the world.

Right now, we know Microsoft is planning a grand reveal come May 21, but what else do we know? Let's break it down:

Hardware and Specifications:

The next generation Xbox doesn't seem as if it will be a powerhouse if recent leaks turn out to be legitimate. According to what we know so far, the console has an 8 core 1.6GHz x86 AMD processor at the helm with 8GB worth of DDR3 RAM. Hard disk drive space is said to begin at 320GB, with the largest at 1TB. If all this is true, then the next generation Xbox would be less powerful compared to the PlayStation 4; however, that shouldn't be much of a problem.

With the failure of HD-DVD, Microsoft has no choice but to adopt Blu-Ray for the new Xbox. Furthermore, some reports claim the console would not have support for a disc drive, but that is not the case, so the reports must have been talking about the separate Xbox device that is more of an entertainment kit than a console, for it doesn't come with disc drive and requires mandatory Internet connection.

Entertainment and TV

Apart from games, the entertainment section of the next Xbox could be a system seller. The rumored cable box integration and Windows 8 could potentially bring about a new breed of Xbox users, since gaming would no longer be the main focus. Recently, Xbox Live saw its first exclusive movie; then not too long after, we learned that MSN wants to reboot Heroes on Xbox Live.

Always on Internet

Right here is the one rumor that if true, could either see the Xbox 720 changing the gaming industry forever, or become the biggest failed product Microsoft has ever released. It is not certain how true this rumor is, since there are so many different twists to the same information. However, one thing is certain: everything will come to light in just a few weeks' time.

Kinect 2.0

Will come as standard with every next generation Xbox, that's what we're hearing. Rumors claim the device will bring forth improved voice recognition and motion tracking for gaming and navigational tasks.

New Xbox Reveal

May 21, that's the official date Microsoft plans to rock the gaming and entertainment world with the long-awaited reveal of the next generation Xbox. On that day, all rumors would either be put to rest, or confirmed as being legit. So until then, keep your heads out of the rumor mill just for a little while longer.