Microsoft plans on revealing their next-generation video game system on May 21. Citing sources familiar with the so-called Xbox 720, The Verge reports that the next-generation Xbox console will be “smaller and denser.” The Xbox 720 is also expected to have newly designed controllers that will be “flattened” in appearance.

According to The Verge, the next-generation Xbox will have new TV features, including a feature that will allow the Xbox 720 to take over your TV and interact with your cable box. The Verge also reports that the next-generation Kinect sensor will be able to detect multiple people and eye movement.

A TechRadar UK article addresses some of the news and rumors surrounding Microsoft’s next-generation Xbox. According to the article, the Xbox 720 will contain some similar specifications to the PS4. The next-generation Xbox is rumored to have a AMD Jaguar-based CPU clocked at 1.6GHz.

As far as price is concerned, TechRadar UK says that a leaked documents reveals a $299 price point, but the real price could be much higher. However, the pricing of the next-generation Xbox is expected to be competitive, as the PS4 is set to launch at some point in the near future.

What will the new Xbox be called? While this article has gone with the name Xbox 720 for the sake of consistency, a recent Forbes article suggests that the next-generation Xbox could be called the “Xbox Infinity” or simply “Xbox.” In fact, a source sent Forbes a logo rumored to be for the new Xbox that simply says Xbox and nothing else. Forbes also reports that sources familiar with the next-generation Xbox say that the new controller will have a touch-sensitive area.

When will the new Xbox be released? According to The Wall Street Journal, sources have said that Microsoft wants to release the Xbox 720 in time for the holidays, because Sony’s PS4 will be released around the same time.

A new Xbox has been a long time coming for the software company. Since launching the Xbox 360 in 2005, the popular video game system has spent eight years on the market without any major alterations besides the Kinect motion controller.

Will you buy the Xbox 720? What will the next-generation Xbox be called? Share your thoughts in the comments section.