Tomorrow Microsoft will be holding an event in Redmond, WA to debut the next-generation Xbox console that has techies and gamers salivating. The unofficially named Xbox 720 release will take place at the event housed in a custom-built tent, though how Microsoft plans to show underneath the hood is still up in the air. Speculation and rumors are of course abound as everyone is trying to determine what to expect from the next-generation Xbox reveal. The common consensus, however, is that Microsoft will only give us a little taste of the new console and save the juicy specs for the E3 event in Los Angeles next month. The consumer Xbox 720 release date is targeted for this fall.

Microsoft looks poised to finally master the art of creating an all-in-one entertainment hub that fuses gaming, streaming, and sharing with the latest innovations. The Wall Street Journal wrote that inside sources point to emerging technologies by Microsoft that would allow users to stream games from far-away servers, to upload in-game video recordings and snapshots to social media platforms, and to enjoy the perks of an expanded ecosystem of surrounding operations like with Kinect.

Microsoft has kept its lips sealed tightly when it comes to the Xbox 720, so nothing has been confirmed. The only real validation we’ve received is from Aaron Greenberg, Microsoft’s chief of staff of gaming, who said in a statement “We’re bigger than things like music and other forms of entertainment,” which may add a little credence to the notion that the Xbox has all things entertainment set in its sights.

As for the actual technology, as with everything else there have only been rumors. But rumors usually stem from a kernel of truth so it’s certainly plausible that the next-generation flagship console 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.

Pundits are keeping a sharp eye on an upgraded Kinect, Xbox’s answer to the Wii’s motion-censor controller. The Guardian is said to believe that Kinect 2.0 will be “offering much more accurate cameras – thereby allowing for facial recognition and tracking of up to four players at once.” 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.

Also likely to make an appearance at the reveal event tomorrow is a new line of games. Project Gotham Racing 5, Forza Motorports 5, Halo 5 and Fable 4 are likely to be put on display, though like everything else there’s been no hard confirmation.

As for the all-important price, Microsoft blogger Paul Thurrott says gamers are looking at $499 for the next-gen console or $299 for customers who also buy a two-year Xbox Live Gold subscription for an additional $10 per month. Thurrott, who was one of the first to make mention of the Xbox event, pegs a November retail availability for Xbox 720.

The imminent Xbox 720 release has all gamers primed for an all-out console war with rival Sony as the Japan-based tech company has announced the release of its PlayStation 4 console later this year. Many feel that with poor sales for Wii U and parent company Nintendo’s less than stellar earnings report, the gaming market is open for the taking. Microsoft will be first to dip a toe in the pool which can be good for exposure and marketing, though it also gives Sony a glimpse at what its up against and how to avoid any initial mistakes by Microsoft. Both corporations will use E3 as their real launching pads, giving in-depth information on their consoles and games next month in L.A.

Be sure to keep checking back with BostInno for the latest gaming info. We’ll be sure to keep you up to date with anything Xbox 720 and PlayStation 4 related but we also want to hear from you. What are you looking forward to most about the Xbox 720 and PlayStation 4. Which company will emerge with the better next-gen console and line of games? Let us know your thoughts in the comments section below.