Microsoft has kept its lips tightly sealed when probed about the next generation Xbox. Without even a name to call it by (they will reportedly not be using the moniker Xbox 720, but we’ll see), the Xbox faithful are still in the dark about what the next Xbox will feature. With an impending event slated for May 21, Microsoft is likely to unveil the latest details about its flagship gaming console.

Last week, Microsoft dispatched invitations for an event on May 21 titled “A New Generation Revealed” at 10am at the Xbox campus in Redmond, WA. The Xbox 720 rumors have been swirling around everything, from price to specs to release date and it looks like we’ll finally get some hard answers.

Until that time, here are a few things we’ve been able to decipher about the next Xbox. A Twitter battle earlier in the month between Microsoft’s then Creative Director Adam Orth and Manveer Heir, a senior gameplay designer at BioWare, led to Orth’s spilling the beans about Microsoft’s plan to integrate an “always-on” feature with the console. According to The Verge, Orth took to the Twittersphere saying “‘Sorry, I don’t get the drama over having an ‘always on’ console,’ before adding a #dealwithit hashtag” which led to a firestorm of criticism and questions by gamers and techies alike. Microsoft followed up by issuing an apology and by accepting Orth’s resignation.

 What’s important to take away from this Twitter tiff is that always-on requires a stable and constant internet connection and is vital for maintaining social media when coupled with the console. In fact, social media is what many speculators are suggesting as one of the upgrades on the next generation console. Its likely that Microsoft wants to update Xbox live to better align with social media networks, something that rival console Playstation 4 also hopes to perfect in its latest generation console.

Sources such as Polygon confirm through insider information that the “next Xbox will include the ability to capture video highlights of gameplay and then share them through networks like Facebook and Ustream.”

The idea behind integrating new social features and real-time sharing is based off Microsoft’s intention to create an all-in-one entertainment hub with Xbox at the epicenter. Some have even considered that Microsoft may create a “cloud TV” platform with interactive plans and original video content.

As far as specs, most agree that the new Xbox will run on a 1.6GHz 8-core 64 bit APU with 8GB of DDR3 memory, and will likely use the Windows 8 operating system.

We can’t say anything for certain until the big May 21 announcement, but in the meantime we’d like to hear what you have to say on the matter. Is the new Xbox going to blow us all away? Is Microsoft capable of integrating all entertainment platforms into one hub? Will Sony’s Playstation 4 dominate the gaming marketplace? Let us know what you think in the comments section.