Today, finally, Microsoft is to release  the next-generation Xbox console to the delight of innumerable gamers everywhere. The Xbox 720 reveal event in Redmond, Washington is set to take place at 1pm ET (10am PT) in a tent custom designed to house the showcase. This will be the first Xbox console since Microsoft’s Xbox 360 debuted back in 2005. Even though the Xbox launch event is today, the actual in-store Xbox 720 release date is not expected until the fall.

It’s been increasingly hard to determine what exactly Microsoft has in store, as big release events like these are usually prefaced by leaked photos and specs. However, Microsoft has been playing its Xbox 720 cards close to the vest and is not expected to go too in depth concerning specifications and details of the new Xbox.

From rumors, speculation, and information from insider sources, the common consensus is that the unofficially named Xbox 720 will will run on an 1.6GHz octa-core X86 processor with custom GPU, feature a 500GB HD Blue-Ray drive, offer 8GB of DDR3 memory and a large external HDD for additional storage. It’s also been suggested that Microsoft may include a second multimedia GPU to support video-streaming functionality, possibly to bolster its connections already solidified with Netflix, Amazon Prime Instant Video, and Hulu.

The powerful CPU and alleged GPU allude to the possibility that Microsoft may be releasing an all-in-one entertainment hub for video streaming, gaming, and social media sharing. The ability to upload in-game video recordings and snapshots to social media platforms is huge and definitely something under development at rival Sony for the PlayStation 4.

Also thought to be included in today’s debut is an upgraded Kinect motion-detection system. Kinect 2.0 is thought to be outfitted with facial tracking and recognition and the ability of tracking up to four players at once, courtesy of improved peripheral cameras.With better facial and tracking recognition is likely to come better voice recognition which could allegedly be built into Kinect to make the no-hands aspect even more convenient.

As for price, the Xbox 72o is likely to cost $499 or $299 for customers who also buy a two-year Xbox Live Gold subscription for an additional $10 per month.

Keep checking back with BostInno for the latest on today’s event, but in the meantime let us know what you’re hoping to see from the reveal event this afternoon.