February’s highly publicized Sony event that served as the official announcement of the PlayStation 4 is in the rearview mirror now, and the ball is in Microsoft’s court as fans clamor for more information about the as-yet-unnamed successor to the Xbox 360.

There’s been no shortage of rumors leading up to – and in the wake of – Sony’s announcement that cast a comparative eye on Microsoft’s plans for the Xbox 720… or is it the Durango? Or maybe just Xbox? Along with the console’s name, many of the aspects of the next Xbox are likewise unknown, though certain rumors seem to have more credibility than others.

From the schedule Microsoft plans to keep regarding announcing the console, to the system’s use of high-end, recently announced peripherals, here’s where we stand on some of the biggest rumors about the company’s next-generation gaming system:

The Big Debut

At this point, everything points to an April unveiling for the next-generation Xbox, well ahead of June’s Electronic Entertainment Expo and all of the chaos that goes along with the massive annual convention. This would seem to support an earlier report by industry analyst Michael Pachter of Wedbush Morgan, whose firm predicted an April (or later) debut for the console – though he left open the possibility of an E3 debut. Either way, it Microsoft plans to have a console out this year, it will need to unveil it before June. Developers working on games for the next Xbox aren’t likely to look to kindly at Microsoft if they can’t discuss what they are working on during the biggest gaming conference in the world, not to mention the potential hit to Microsoft’s stock if they don’t have anything to counter the growing excitement around Sony. 

Shelf Date

With the PS4 confirmed to hit shelves this holiday season, it’s a good bet that Microsoft will plan to put the next Xbox in direct competition with Sony later this year. In November of last year, a source told Bloomberg to expect a November 2013 release for the new system. That seems a very likely target for the company, as both the Xbox 360 and its predecessor were on shelves in November 2005 and November 2001, respectively.

The Name Game

Even though “Xbox 720” is the most used name for the console, nothing is official yet regarding Microsoft’s preferred branding for the system. The list of names attached to the system (via rumor, early developer units, and other unofficial sources) is long, and includes catchy labels like “Loop,” “Infinity,” and “Kryptos” – though the heavy favorite is still “720.” It has even been suggested that the system will simply be titled “Xbox,” yet that seems unlikely. Another popular name being bandied about is “Durango,” but that appears to be the official code name of the development model of the console. Consoles as far back as the Atari 2600 (which was known as “Stella” during its development) have had code names that were discarded once the final product was revealed. The PS4 was known as “Orbis,” the Xbox 360 was code named “Xenon,” and the “Revolution” was re-branded as the Wii. Interestingly though, the original Xbox was code named… “Xbox.” Of course, that was before Microsoft became a major player in the gaming world, so “Durango” still seems unlikely. 

A Question of Price

In a report that also predicted a November shelf date for Microsoft’s new console, Baird Equity Research further speculated that the Xbox successor (as well as the PS4) would retail for $350-400. This isn’t too far off-base for Microsoft, which dropped the 20 Gb model of the Xbox 360 on shelves with a $399 price tag in 2005. However, it will be interesting to see where the final price point falls in that range, given the PS3′s starting price of $499 when it arrived in 2006, a move that many still consider to have been the primary reason that the PS3 fared so poorly during its launch.

Super Specs

No surprise here: the hardware in the next Xbox is expected to be a major upgrade from its predecessor, with VGLeaks reporting that the console will have similar – although slightly less powerful – specs than the PlayStation 4, with 8 CPU cores running at a speed of 1.6 Ghz, 8 GB of DDR3 RAM, and a 6x Blu-Ray drive.

Additional rumors indicate that the console will be available in multiple bundles, specifically a 250 GB and 500 GB HDD models, which makes sense, given the likelihood that downloadable games will be a high priority for the console. Popular speculation also suggests that many next-generation games will require the installation of hefty amounts of data in order to reduce load times and expand beyond disk-reading limitations.

Building A Better Media Hub

Chief among the rumored features aimed at making the next Xbox the center of your home entertainment universe is the packaging of the next Kinect motion-control device with every console sold. Kinect will not only receive a huge upgrade with the arrival of the next Xbox console, but improvements to voice recognition, object detection, and the field of view (among other elements) will make the Kinect a mandatory part of the home media experience on the next-generation Xbox. There have also been reports that Microsoft will look at ways to introduce more “props” into gaming. Nintendo had huge success with its peripherals like the Wii Balance Board, so this isn’t all that surprising. 

During CES earlier this year, Microsoft also unveiled what it is calling “IllumiRoom,” a device that combines Kinect technology with a projector to turn your wall into a monitor that you can interact with through gestures. So far Microsoft has only suggested this technology for use with computers – imagine turning any surface into a keyboard and monitor – but that technology could easily find its way to the next Xbox as well. 

A report published by Kotaku also describes a multitasking ability on the next Xbox that will allow users to effectively pause games, switch to a different program, interact with it, and then return to their game without the need to save or quit their session. Additional rumors suggest that the new console will also have some level of DVR-like media consumption and storage abilities, and feature some integration with the popular, Microsoft-owned Skype technology that has become the go-to system for Voice Over IP communication – essentially allowing users to take calls via their Xbox in the middle of gaming sessions or television marathons.

A New Controller For A New Xbox

A report from CVG suggests that Microsoft will jump on the touch-screen controller bandwagon with Nintendo and Sony and release a new controller for the next-generation Xbox that features a touch pad in addition to the requisite sticks, triggers, and buttons. The new controller, which is also rumored to use a new wireless technology that will make old Xbox 360 controllers incompatible with the next model, will be more akin to the PS Vita than the bulky Wii U, according to the report.

There are also reports that Microsoft would like to introduce a version of its Surface tablet for use with the new Xbox. One way or another, there will be some integration between Windows 8 and the Xbox, and there’s no reason to think that integration won’t include tablets – the only question is to what degree?

What About The Games?

The internet is filled with conflicting rumors regarding the ability to play used games on the next Xbox, with multiple reports suggesting that the system will require an always-on Internet connection in order to verify the authenticity of games being played on the system. While subsequent reports have suggested that the secondhand game market won’t be entirely eliminated form the next-generation of Microsoft’s console, it could very well be limited, with activation codes like those used for the multiplayer elements of Xbox 360 and PlayStation 3 games becoming the norm for unlocking most of a game’s functionality. According to Electronic Arts CFOBlake Jorgensen, backwards compatibility with Xbox 360 games isn’t likely for the next-gen console, either.