Update: We've taken our seats and are about to roll over to our Xbox Reveal liveblog.

The next Xbox is about to be unveiled in Microsoft's Redmond campus, and Joystiq will be there to scrutinize and document the whole presentation. It starts at 1PM EDT (10AM PDT, 6PM GMT), so get your glib reactionary .gifs ready before then.

Once the event starts, we'll switch this post over to liveblog mode and unleash the flood of quotes, observations and ill-advised jokes about computer chips. (Note: The presence of chips in the new Xbox is a rumor until Microsoft says otherwise.)

"Xbox, reveal!"