I think M$ will launch a new XBOX in 2011 that's if Sony don't screw with their plans which they should since it's very important to be the first one on the market,we saw that with X360 which in the one year gap until PS3 was launched became a product much more mature in development/games and install base coupled with the problems PS3 had made the console war between M$ and Sony finish prematurely.
Also I hope for the love of God that they will offer mouse/kb controls yeah the gamepads are good sometimes but in FPS/RTS they are wayyy too flimsy.
Either way it's good that the industry is focusing on optimizations now since for PC atleast we had some horrid ports/code.