Microsoft’s next-generation gaming console, the Xbox 720, has been cloaked in a shroud of mystery as far specs, really any details, are concerned. But at the ‘Xbox: A New Generation Revealed’ event in Redmond, WA, the unofficially named Xbox 720 will disrobe and give gamers and techies a bare naked view of what’s they have to look forward to. The event is set to take place next Wednesday, May 21 in a venue being specially built for the debut. With a May Xbox 720 launch, the Xbox 720 release date is expected this fall.

The common consensus is that the May 21 event will showcase the next-generation Xbox console, but will likely not offer any detailed specs or hints at upcoming games. Supposedly, Microsoft is waiting for the Lose Angeles ‘E3’ event next month to reveal any intimate details. And its been rumored that the Xbox 720 will ship with a 1080p Kinect “controller” but Microsoft has yet to confirm.

What we do know, however, is that the rivalry between Xbox and PlayStation–who’s releasing its next-gen PlayStation 4 this year–has been heated anew and both are hoping to have their consoles ready for retail availability come the fall. An article by ExtremeTech noted that in the wake of disappointing Wii U sales, both Microsoft and Sony will hope their respective Xbox and PlayStation consoles will pick up where Nintendo’s console fell short, though gaming publisher Activision CEO Bobby Kotnick stated in an earnings report that poor Wii U sales make him more wary than optimistic.

Microsoft has also broke ground on new venue tailored specifically to the Xbox event. With so much speculation coupled with large tent space just for the console showcase, it’s probably safe to assume that Microsoft has more in store than just a simple peep shpw. But it certainly will want something juicy for its spot at E3 next month, one of the biggest gaming conferences in the country.

With so much uncertainty surrounding the Xbox 720, I’m curious as to what you all think. What does Microsoft have in store for the loyal Xbox users out there? Will it be able to outdo the rival PlayStation 4, which Ubisoft recently touted as a “perfect jewel?” Let us know your thoughts on the Xbox 720 in the comments section below.