Reddit. Instead, the console will actually be a stripped down version of the current Xbox, which will concentrate on "Arcade-style games" and Kinect apps. This is apparently the same ARM-powered console that MS Nerd first discussed in November of last year. The device will be "price-competitive" with Apple TV and is apparently slated for a late 2013 launch.
Meanwhile, the "true successor" will launch sometime after with the same media apps and support for more core game experiences. Furthermore, the next generation of Kinect will supposedly launch sometime around 2015. At this point, keeping track of the next Xbox is becoming something of a chore, with estimates for a new launch ranging from late this year all the way out to 2014. For Microsoft's part, the company says there will be no talk of new Xbox hardware at this year's E3.