Microsoft unveiled the upcoming XBox 2, called the XBox 360, on a TV special on MTV yesterday.
I don’t think it is going to come close to the specs of the upcoming Playstation3 (which will also be demo’d at the E3 conference next week), but its interesting to note that Microsoft has departed from the cheap PC in a box approach, and is now also going to be using an IBM PowerPC based CPU with multiple processing cores.