This may be a few days old but MS is the first to release "official" specs on the next generation of console platforms. Why would I be excited, because they are requiring as a minumum that ALL games support HDTV in 16:9 aspect ratio. They look good now, crank up the resolution the FPS and new video based special effects and you have a nice toy in time for Christmas. There are other major changes as well, like additional Xbox live options, user customizable management and, a sweet looking case ... well here are some links. Enjoy and rejoice it's called Xbox 360.
Oh and rumors aside, the Xbox WILL have a detachable Hard Drive: