Rumors have been pouring out about the Xbox 720 (codemaned Durango) being released next holiday season. While I think this time frame is the inevitable release, the fact that Bloomberg brings this up is more interesting. Usually they do some research before posting rumors, unlike most blogs.
According to Bloomberg, people "familiar with the company’s plans” say a new system is coming out to take advantage of Thanksgiving and Christmas sales. That is a no brainer. The holiday season is the best time to release a new gaming console. I am pretty confident that we will have a new Xbox this time next year and can't wait to try it out and see what Microsoft has done.
It will likely be announced at E3 this summer, or even at Microsoft's own event. Hopefully after E3 we will see a powerful new console around the corner.
This is a mockup design. It isn't that cool looking to me, but it's interesting.