Is this the Xbox 360? Nope!
Could this be the Xbox 360/Xbox 2/Xbox Next? To be perfectly honest, we don't know what this is, but check out this sneaky cameraphone pic that someone snapped of Microsoft VP J Allard making a presentation about the next-genertaion Xbox 360. See that silvery thingy? Yeah, that's what we're talking about. Anybody recognize what that is? Click to see a close up shot.
[Thanks, Pengo]
UPDATE: Nope, this isn't it. We ran this by one of our trusted sources, who says that this is actually a prototype that MSFT has been showing off as a decoy of sorts and that the actual console looks much better than this.
