On Wednesday Microsoft confirmed speculation the next generation Xbox system would be revealed in a special event on May 21st.

According to Major Nelson, Tuesday, May 21st at 1PM EST (10AM PST), we'll all be getting our first look at Microsoft's new console. The event will be limited to invited members of the press in person, but everyone in the U.S. and Canada will be able to watch the event streamed live on Xbox.com, Xbox Live, or Spike TV.

Dozens of rumors about the Xbox 720 (or Durango, or whatever it ends up being called) have cropped up over the course of the past few months, with a fevered intensity spiking after the reveal of Sony's PlayStation 4. Some rumors, like the ability to work as your cable TV box, are pretty interesting, while others, like always-on internet required to play games, are laughably horrible.

Whatever the Xbox 720 ends up being, we only have a few more weeks to go until Microsoft's vision for the future of gaming is unveiled. What do you hope to see at the May 21st event?

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